Karachi: Hafiz Limited has scheduled its 73rd Annual General Meeting (AGM) for October 24, 2024, to be held at its registered office in Karachi, with provisions for video link participation. The meeting aims to address several key points including the approval of audited accounts, director re-elections, and other significant corporate matters.

The AGM will confirm the minutes from the previous year’s meeting and review the company’s audited financial statements for the year ending June 30, 2024, along with directors' and auditors' reports. These documents are available for shareholder review on the company’s website, adhering to corporate transparency standards set by financial regulations.

A notable item on the agenda is the election of seven directors for a three-year term, a decision aligned with the provisions of Section 159 of the Companies Act, 2017. The current directors eligible for re-election include prominent figures such as Fakhrudin Usmani and Qamruddin Osmani, among others, indicating stability in the company’s governance structure.

Furthermore, the directors have recommended a 25% cash dividend for the fiscal year ended June 30, 2024, underscoring the company's solid financial performance. According to information available from the Pakistan Stock Exchange (PSX), this proposed dividend reflects the company’s ongoing commitment to delivering shareholder value.

The meeting will also address the remuneration of directors, proposing an increase as outlined in the material facts statement. This adjustment is in response to the evolving corporate requirements and regulatory guidelines set by the Securities and Exchange Commission of Pakistan (SECP) and other legal frameworks, which may necessitate additional audit scopes.

In addition to these resolutions, the AGM will permit the transaction of any other business with the approval of the Chair, ensuring all pertinent corporate matters are comprehensively addressed.