Karachi, Pakistan Oilfields Limited has announced the convening of its 72nd Annual General Meeting (AGM), which marks the 94th General Meeting in the company's history. The AGM is scheduled to take place on October 9, 2023, in Rawalpindi, where various significant matters will be addressed.
Agenda for the Annual General Meeting:
1. Approval of Audited Financial Statements: Shareholders will review and consider the audited financial statements of Pakistan Oilfields Limited for the fiscal year ending on June 30, 2023, along with the accompanying reports by the Directors and Auditors.
2. Final Cash Dividend Approval: The Board of Directors' recommendation of a final cash dividend of Rs. 60 per share, totaling 600%, will be presented for approval. This is in addition to the interim cash dividend of Rs. 20 per share, amounting to 200%, already disbursed to shareholders, resulting in a total cash dividend of Rs. 80 per share, equivalent to 800%, for the year ending on June 30, 2023.
3. Appointment of Auditors: Shareholders will decide on the appointment of auditors for the fiscal year ending on June 30, 2024, and determine their remuneration. The current auditors, Messer A.F. Ferguson & Co., Chartered Accountants, who are eligible for reappointment, will offer themselves for reappointment.
4. Any Other Business: The AGM will also provide an opportunity for the discussion and transaction of any additional business, subject to the Chairman's permission.
Closure of Share Transfer Books:
It's important to note that the share transfer books of Pakistan Oilfields Limited will be closed from October 3, 2023, to October 9, 2023, inclusive. During this period, no transfer of shares will be accepted for registration. Transfers received at the Registered Office / Share Registrar of the Company by the close of business on October 2, 2023, will be considered timely for the purpose of payment of the final cash dividend, pending approval by the shareholders.
The upcoming Annual General Meeting holds significance for shareholders and stakeholders of Pakistan Oilfields Limited, as it offers insights into the company's financial performance and dividend distribution policies. The decisions made during the meeting will shape the future direction of the company in the coming fiscal year.