Lahore: Avanceon Limited has officially announced its 23rd Annual General Meeting (AGM), which is scheduled to take place on Saturday, May 23, 2026, at 02:00 P.M. The meeting will be held at The Nishat Hotel, Grand Imperial Hall in Lahore, as per the notice published in prominent newspapers on May 2, 2026.
The AGM will cover various critical agenda items, starting with the confirmation of minutes from the previous meeting held on April 30, 2025. Shareholders will also review and adopt the standalone and consolidated audited financial statements for the fiscal year ending December 31, 2025. The financial statements, alongside the Directors’ and Auditors’ Reports and Chairman’s Review, have been made available online for stakeholders.
The meeting will address the re-appointment of M/s Crowe Hussain Chaudhury & Co. Chartered Accountants as auditors for the upcoming fiscal year. Additionally, the Board has recommended a final cash dividend payment of Rs. 1 per share, equivalent to 10%, for the year ending December 31, 2025. This recommendation awaits shareholder approval during the AGM.
In compliance with a circular from the Securities and Exchange Commission of Pakistan, the company plans to conduct director elections. Seven directors will be elected for a term starting May 29, 2026. The list of retiring directors includes notable names such as Mr. Bakhtiar Hameed Wain and Mr. Mohammad Shahid Mir.
A significant item on the agenda involves the proposal to increase the company’s authorized capital from Rs. 5 billion to Rs. 7.5 billion. This increase, if approved, will translate into 750 million ordinary shares at a nominal value of Rs. 10 each. Amendments to the company’s Memorandum and Articles of Association have been proposed to reflect this change.
Furthermore, the Board of Directors has approved the conversion of a “long-term interest-free receivable” amounting to approximately PKR 1.62 billion from Avanceon Automation & Control W.L.L. Qatar into equity investment. This move is categorized as “Investment in Subsidiary” and aligns with Section 199(1) of the Companies Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), Avanceon Limited continues to be a key player in the designated market category, attracting investor attention with its strategic financial maneuvers and business growth plans. The upcoming AGM is expected to be pivotal in steering the company’s future direction.