Islamabad: Oil and Gas Development Company Limited (OGDCL) has announced its 27th Annual General Meeting (AGM) to be held on October 25, 2024, at its headquarters in Islamabad. The meeting is set to address a series of significant corporate matters following the publication of the notice in major Pakistani newspapers on October 3, 2024.

The AGM will review and confirm the minutes of the 13th Extraordinary General Meeting from November 30, 2022, and the 26th Annual General Meeting on October 30, 2023. Additionally, the shareholders will consider and adopt the audited accounts for the year ended June 30, 2024. The meeting is critical as it will also approve the proposed cash dividend of 6.10 rupees per share, which reflects a final dividend rate of 10.40% based on the year's earnings.

According to information available from the Pakistan Stock Exchange (PSX), the company's financial performance has been stable, prompting the board to propose this dividend. The dividend, recommended by the Board of Directors, highlights OGDCL’s commitment to delivering shareholder value amidst the challenges of the global oil market.

Moreover, the AGM agenda includes the appointment of auditors for the fiscal year 2024-25. The firm of KPMG Taseer Hadi and Co., along with A.F. Ferguson and Co., are nominated to continue as the company’s auditors, indicating a continuation of their longstanding relationship with OGDCL.

The meeting is also an opportunity for shareholders to engage directly with the senior management on various other business matters with the permission of the chair.