LAHORE: Maple Leaf Cement Factory Limited has scheduled its 64th Annual General Meeting (AGM) for October 28, 2024, at Lahore, according to a notification sent to the Pakistan Stock Exchange.

The meeting aims to discuss several key agenda items including the adoption of audited financial statements for the fiscal year ending June 30, 2024. The documents will encompass consolidated financial results along with the Chairman’s Review, Directors' reports, and Auditors' findings. The gathering will also see the appointment of A. F. Ferguson & Co. as the company's auditors for the coming fiscal year, with their remuneration set to be decided during the meeting.

In addition, a special resolution will be proposed under Section 199 of the Companies Act, 2017, regarding Maple Leaf Cement's financial dealings with Kohinoor Textile Mills Limited. According to information available from the Pakistan Stock Exchange (PSX), the proposal involves extending a loan facility of Rs. 1,000.00 million (equivalent to 1.00 billion) to Kohinoor Textile Mills for a term of one year starting November 1, 2024. The interest rate attached to this loan will be either three-month KIBOR plus one percent or one percent above the company's average borrowing cost, whichever is higher.

This strategic financial move was previously approved in a general meeting on October 19, 2023, by the shareholders, enabling the company to support associated undertakings while potentially enhancing its financial leverage. The resolution mandates that the Chief Executive Officer and the Company Secretary are authorized to execute all necessary documentation to fulfill the statutory requirements and to ensure compliance with the Securities and Exchange Commission of Pakistan.