Lahore: Fast Cables Limited has announced that its 16th Annual General Meeting (AGM) will be held on October 28, 2024, at Lahore Chamber of Commerce Institute (LCCI). The meeting will also be accessible through a video conferencing facility, enabling participation from remote locations.

The agenda for the AGM includes several key business points that will be addressed during the meeting. The company plans to approve the minutes from the previous AGM held on October 26, 2023. Following that, the shareholders will review and adopt the Annual Audited Accounts of the company for the fiscal year that ended on June 30, 2024. These include the Auditor's Report and Director's report along with the Chairman's review report.

According to information available from the Pakistan Stock Exchange (PSX), a significant proposal on the table for this AGM is the approval of a final cash dividend of Rs. 1.25 per share, reflecting a dividend rate of 12.5% for the year concluded on June 30, 2024. This recommendation has been made by the Board of Directors and reflects the company’s continuing commitment to share its financial success with its shareholders.

Further, the shareholders will appoint and fix the remuneration of the auditors for the coming fiscal year. The AGM will see a reappointment of the current auditors, Crowe Hussain Chaudhary and Company, Chartered Accountants, suggested by the Board Audit Committee and the Board of Directors.

Another key point on the AGM’s agenda is the election of seven directors for a three-year term, effective from October 28, 2024. The directors eligible for re-election include Mr. Ghulam Mustafa Kausar, Mr. Ghulam Murtaza Shaukat, Mr. Kamal Mahmood Amjad Mian, Mr. Muhammad Azhar Saeed, Mr. Syed Mazher Iqbal, Mrs. Rubina Shaukat, and Mrs. Mahlaqa Shaukat. Their re-election follows the regulation under section 159(1) of the Companies Act, 2017.

This AGM serves as an essential platform for shareholders to engage directly with the management and discuss key issues and strategies moving forward. Such meetings are crucial for ensuring transparency and alignment among the company's management and its investors.