Lahore: Avanceon Limited has formally requested an extension for holding its Annual General Meeting (AGM) for the financial year ending December 31, 2025, due to the disruptions caused by the ongoing war situation in the Middle East. The company has applied to the Securities & Exchange Commission of Pakistan (SECP) for an additional 30 days to organize the meeting, originally scheduled to take place by April 30, 2026.
The application for the extension was made on April 1, 2026, as per the requirements outlined in Section 27 of the Companies (General Provisions and Forms) Regulations, 2018. This request highlights that the war situation has significantly impacted the finalization of the group financial statements audit process, a situation that is beyond the company’s control. Avanceon Limited has included an auditor’s letter as part of its submission to the SECP to justify the need for this extension.
According to information available from the Pakistan Stock Exchange (PSX), Avanceon Limited had previously conducted its AGM on April 30, 2025, where the financial statements for the year ending December 31, 2024, were presented. In compliance with the regulations, the company is required to hold its AGM by April 30, 2026, for the financial year ending December 31, 2025. However, due to the aforementioned circumstances, the company is seeking the regulator’s approval to delay the meeting and the presentation of its audited financial statements by one month.
Avanceon Limited has pledged to submit a copy of the SECP’s approval for the extension to the Exchange within 48 hours of its receipt. The company has also requested the Exchange to inform the TRE Certificate Holders about the extension application.
The ongoing conflict in the Middle East has posed unprecedented challenges for the company, affecting its ability to finalize the financial audits in a timely manner, thus necessitating this formal appeal for additional time.