Karachi: Lucky Cement Limited has scheduled the publication of its ballot paper for the Annual General Meeting (AGM) voting on September 19, 2024. The document will appear in three nationwide newspapers—Business Recorder, Express, and Frontier Post—to facilitate shareholder voting on special business items. The AGM is set for September 26, 2024, at the factory premises in Pezu, District Lakki Marwat, Khyber Pakhtunkhwa, and will also be accessible via video conferencing.
The ballot paper allows shareholders to vote through the post on various special resolutions, including ratifications and approvals related to party transactions. These transactions were previously disclosed in note 39 of the company's unconsolidated financial statements for the year ended June 30, 2024. The voting process will assess shareholder assent or dissent on specific agendas such as the continuation of certain related party transactions into the next fiscal year.
According to information available from the Pakistan Stock Exchange (PSX), this voting method ensures compliance with Sections 207 and 208 of the Companies Act, 2017, concerning related party transactions. Shareholders are required to send completed ballots to the Chairman at Lucky Cement, with provisions for both electronic and physical submissions detailed on the company’s website.
Key proposals include the ratification of past transactions with related parties and authorization for future dealings up to and including the fiscal year ending June 30, 2025. These arrangements may involve transactions such as the purchase and sale of goods or services within related entities, reviewed and approved periodically by the Board Audit Committee.
Further, all nominated individuals for the company’s Board of Directors will be automatically elected without separate votes, as the number of candidates does not exceed the positions available, as per section 159(1) of the Companies Act, 2017.