Karachi: Flying Cement Company Limited has announced a postponement of its scheduled election of directors, initially set for the near future. The decision, influenced by a directive from the Securities and Exchange Commission of Pakistan (SECP), pushes the election timeline to within ninety days from the original due date.

On October 17, 2024, the Lahore Corporate Regulatory Office (CRO) of SECP communicated its decision to the cement manufacturer, allowing the delay upon the company’s request. This extension, as stipulated in a letter dated October 14, provides the company with additional time to prepare for the election under the guidelines of the Companies Act, 2017. Specifically, the SECP has mandated that the election of directors take place within ninety days from the previously scheduled date, under section 158(2) of the Act.

According to information available from the Pakistan Stock Exchange (PSX), where Flying Cement is listed, such postponements are not uncommon in cases where companies seek more time to align their corporate governance structures with regulatory expectations. The company has committed to keeping its stakeholders informed of any further developments regarding the election process.

Flying Cement Company Limited, known for its substantial contributions to the building materials industry in Pakistan, operates from its headquarters in Lahore. This delay in their corporate governance proceedings reflects the ongoing adjustments within the broader economic framework that companies in Pakistan occasionally must navigate.