Karachi: Notice of 44th Annual General Meeting of Loads Limited
Loads Limited has announced its 44th Annual General Meeting (AGM) to be convened on October 24, 2024, in Karachi and accessible via video link. The agenda includes critical financial decisions, notably the proposed waiver of a substantial loan to its struggling subsidiary, Hi-Tech Alloy Wheels Limited (HAWL). The AGM will review and potentially ratify the waiver of Rs. 1,317,197,494 from HAWL's total debt, addressing its financial challenges and ensuring stability.
The ordinary business of the AGM will include the confirmation of minutes from the previous Extraordinary General Meeting held on December 14, 2023, and the adoption of the audited financial statements for the fiscal year ended June 30, 2024. The meeting will also address the appointment of M/S Yousaf Adil and Co Chartered Accountants as the external auditors for the forthcoming fiscal year.
According to information available from the Pakistan Stock Exchange (PSX), the special business will center on the critical financial support for HAWL, which has been unable to meet its repayment obligations under the existing loan agreements dated from December 2017 to April 2023. The proposed resolution, if approved, will authorize the write-off of over Rs. 1.31 billion, reducing the outstanding loan to Rs. 1,376,189,397, thus relieving HAWL of nearly half its debt burden.
Further resolutions will be considered during the AGM to ratify transactions with associated companies for the past year and to authorize ongoing and future transactions under the direction of the company's Chief Executive. This includes the execution of necessary documents and agreements to facilitate these dealings in compliance with the Companies Act, 2017, and other relevant regulations.
The AGM will also provide a platform for transacting any additional business approved by the Chair, marking a pivotal moment for Loads Limited as it seeks to consolidate its financial strategies and support its associated entities through challenging economic times.