Karachi: Pakistan Paper Products Limited has scheduled its 62nd Annual General Meeting (AGM) for October 24, 2024, to be held in Karachi and via video-conferencing. The meeting is set to confirm previous meeting minutes, adopt annual financial reports, and approve a significant dividend payout.

The AGM will address several key items on the agenda. First, the shareholders will confirm the minutes from the last AGM held on October 26, 2023. Subsequently, the focus will shift to the company's financial performance over the past fiscal year, which ended on June 30, 2024. The audited financial statements, along with reports from the Chairman, Directors, and Auditors, will be presented for adoption. These documents are accessible online through a dedicated weblink, aligning with the regulatory requirements stipulated under section 223 of the Companies Act, 2017.

A major point of interest for shareholders is the proposed final cash dividend. According to the Board of Directors' recommendation, a final dividend of Rs. 4.00 per ordinary share of Rs. 10 each will be distributed. This is in addition to the 35% interim dividend already paid, bringing the total dividend for the fiscal year to Rs. 7.5 per share, marking a 75% payout.

In addition, the meeting will include the reappointment of the current auditors, M/s. Faruq Ali, who have offered themselves for another term, with a proposal to fix their remuneration for the upcoming fiscal year.

According to information available from the Pakistan Stock Exchange (PSX), these proceedings reflect a robust financial posture and commitment to shareholder returns, amidst the ongoing adjustments within the broader economic landscape.

The AGM will also provide an opportunity for the transaction of any other business that may arise, with the permission of the Chair.