Karachi: National Foods Limited has announced that its 55th Annual General Meeting (AGM) will take place on Monday, October 26, 2026, at 10:00 a.m. at the Beach Luxury Hotel in Karachi. Shareholders have the option to attend the meeting via a video link facility.
The AGM will cover a range of topics. Shareholders will confirm the minutes from the Extraordinary General Meeting held earlier in the year on January 12, 2026. They will also review and adopt the company's audited financial statements for the fiscal year ending June 30, 2026, along with the associated directors' and auditors' reports.
A key agenda item is the declaration of a final cash dividend of Rs. 5.00 per ordinary share, which equates to a 100% payout. This is in addition to the 500% interim cash dividends already disbursed, bringing the total dividend for the fiscal year to Rs. 30 per share, or 600%.
The meeting will also address the appointment of external auditors for the fiscal year ending June 30, 2027. A.F. Ferguson & Co., Chartered Accountants, have expressed their willingness to continue in this role, and the Board of Directors has recommended their reappointment.
Special business on the agenda includes a proposal to subdivide the company's share capital. The proposal involves altering each ordinary share with a face value of Rs. 5 into five shares of Re. 1 each. Consequently, the authorized capital will be subdivided from 1,000 million shares of Rs. 5 each to 5,000 million shares of Re. 1 each.
According to information available from the Pakistan Stock Exchange (PSX), the issued and paid-up capital of 233,115,425 ordinary shares of Rs. 5 will be subdivided into 1,165,577,125 shares of Re. 1 each. This subdivision will not affect shareholders' rights and privileges, and the necessary amendments will be made to the company's Memorandum and Articles of Association.
Additionally, the AGM will consider an addendum to a related party transaction between National Foods FZCO and Epicure FZCO in the UAE. Epicure FZCO will continue to provide investment advisory and post-acquisition services, roles initially approved by shareholders at an extraordinary meeting on September 15, 2025.
The meeting will also seek shareholder approval for transactions with related parties conducted during the last fiscal year, and authorization for the Board to approve similar transactions for the upcoming fiscal year.
Finally, a special resolution will be proposed to amend Article 62 of the company's Articles of Association regarding director remuneration policies. The amendment will authorize the Board to set fees and reimburse expenses for directors attending meetings, in line with the Directors Remuneration Policy.
The meeting will also allow for the transaction of any other business with the Chair's permission.