Rawalpindi: Kohat Cement Company Limited is set to hold its 45th Annual General Meeting (AGM) on October 15, 2024, at Rawalpindi. The meeting aims to cover a range of key corporate actions, including the adoption of audited financial statements for the year ended June 30, 2024.

Shareholders will convene to review and adopt the company's financial outcomes, as detailed in the auditors', directors', and chairman's reports. Another significant agenda item is the reappointment of the company's auditors. M/s. KPMG Taseer Hadi and Co. Chartered Accountants are poised for reappointment, following the unanimous recommendation from the Board Audit Committee and the Board of Directors.

In terms of special business, the AGM will address the ratification of transactions with related parties for the fiscal year that concluded on June 30, 2024. This follows the authority granted by a special resolution in the previous AGM. Additionally, the Chief Executive is slated for authorization to oversee and approve related party transactions throughout the upcoming fiscal year.

Notably, the meeting will also consider a proposal for a substantial buy-back program through the Pakistan Stock Exchange Limited (PSX). According to information available from the Pakistan Stock Exchange (PSX), the company plans to buy back up to 12,000,000 of its own issued ordinary shares at the prevailing market price. This move is contingent upon shareholder approval of special resolutions under the regulations of the Companies Act, 2017 and the Listed Companies (Buy–Back of Shares) Regulations, 2019.

The agenda extends to the potential renewal of a short-term running finance agreement worth up to PKR 600 million with Ultra Kraft (Private) Limited, an associated company. The terms of this investment have been disclosed to the members for consideration and approval.

This AGM represents a pivotal moment for Kohat Cement Company Limited as it seeks to reinforce its financial strategies and shareholder engagements for the coming year.