Lahore: The 61st Annual General Meeting (AGM) of Millat Tractors Limited is set to convene in Lahore on October 18, 2024, with provisions for shareholders to participate via video conferencing.
The primary order of business will involve confirming the minutes from the 60th AGM held on October 26, 2023, and an Extraordinary General Meeting on June 15, 2024. According to information available from the Pakistan Stock Exchange (PSX), the agenda includes the adoption of the financial statements for the fiscal year that ended on June 30, 2024. These statements are accompanied by reports from the Chairman, Directors, and Auditors.
In addition to routine annual procedures, the AGM will address the ratification of an interim dividend of Rs. 25.00 per share, which equates to a 250% dividend, already paid to shareholders.
A significant point of discussion will be the reappointment of the company’s auditors, M/s. A.F Ferguson and Co., Chartered Accountants, and the authorization of their remuneration for the upcoming fiscal year ending on June 30, 2025.
Special business will include the ratification and approval of transactions with subsidiary and associated companies. The transactions from the past fiscal year amounting to several billion rupees involve entities such as TIPEG INTERTRADE DMCC, Millat Industrial Products Limited, Bolan Castings Limited, and Millat Equipment Limited. These transactions predominantly cover the purchase and sale of various components integral to the company’s manufacturing operations.
Furthermore, the AGM will consider authorizing the Chief Executive Officer to approve future transactions with associated companies through the next AGM, emphasizing the need for ongoing operational flexibility.
Another notable agenda item is the proposal for the office of profit for directors Mr. Sikandar Mustafa Khan and Mr. Sohail Bashir Rana, which, if approved, would extend for a three-year term starting October 30, 2024.
The meeting will conclude with an open floor for any additional business, under the chair’s permission, ensuring all shareholder concerns and corporate governance matters are adequately addressed.