Lahore: Altern Energy Limited has announced an Extraordinary General Meeting (EGM) scheduled for April 17, 2025, at 10:00 a.m. at Descon Headquarters, located at 18-Km Ferozepur Road, Lahore. The meeting is convened to address both ordinary and special business matters, focusing primarily on the potential early termination of significant agreements with the Central Power Purchasing Agency (Guarantee) Limited (CPPA) and the Government of Pakistan.
The company's ordinary business will include the confirmation of the minutes from the last Annual General Meeting held on October 28, 2024. However, the spotlight of the EGM will be on the special business agenda, which involves considering and approving the Board of Directors' recommendations for filing a request to the CPPA for the early termination of the Power Purchase Agreement (PPA), the Implementation Agreement (IA) with the Government of Pakistan, and the Guarantee issued by the President of the Islamic Republic of Pakistan. These agreements, initially executed in 1995, have been pivotal to the company’s operations.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions, if approved, would authorize Altern Energy Limited to proceed with the necessary applications and actions for the early termination of these agreements. This includes the authority to sign and execute relevant documents with CPPA and any other necessary authorities.
The resolutions also empower designated company officials, including Mr. Faisal Dawood, Director; Mr. Abdul Sohail, Chief Corporate Affairs; Mr. Umer Shehzad, Chief Executive; and Mr. Salman Ali, Company Secretary, to jointly undertake all required actions to implement the resolutions. The company secretary is further authorized to distribute certified true copies of the resolutions as needed.
The EGM will also allow for the transaction of any other business with the Chair's permission, ensuring a comprehensive discussion and consideration of all relevant matters. The meeting falls under the designated market category of energy within the broader financial spectrum.