Karachi: Matco Foods Limited has scheduled its Annual General Meeting (AGM) for October 24, 2024, set to take place both at the Institute of Cost and Management Accountants of Pakistan in Karachi and via video conference. The company plans to discuss annual financial results, auditor appointments, and the election of board directors.
The AGM will address several key points on the agenda. Firstly, the members will review and confirm the minutes from the previous AGM held on October 28, 2023. Following this, there will be a presentation and adoption of the Audited Annual Financial Statements for the year ended June 30, 2024, which have already been made available on the company’s website in compliance with Section 223 of the Companies Act, 2017 and S.R.O. 389(I)/2023. This will include both the company’s individual and consolidated financial reports along with the Directors' and Auditors' assessments.
According to information available from the Pakistan Stock Exchange (PSX), a crucial part of the meeting will involve the re-appointment of the current auditors, M/s Grant Thornton Anjum Rehman Chartered Accountants, recommended by the Audit Committee. The retiring auditors have expressed their willingness to continue in their role.
Moreover, the election of board directors is on the agenda, with nine positions available as determined under Section 159 of the Companies Act, 2017. The nominees include incumbent directors Mr. Jawed Ali Ghori, Mr. Khalid Sarfaraz Ghori, Mr. Faizan Ali Ghori, Mr. Safwan Khalid Ghori, Syed Kamran Rashid, Mr. Abdul Samad Khan, Mrs. Faryal Murtaza, Ms. Umme Habibah, and Mr. Mohammad Mohsin, all up for re-election for a three-year term starting from the date of the AGM.
The meeting is crucial for the shareholders to engage directly with the board, ensuring continued alignment with the company’s strategic direction and governance standards. The notice of this AGM was also published in today's editions of the Pakistan Observer and Daily Nai Baat, ensuring broad dissemination among stakeholders.