KARACHI, Sitara Chemical Industries Limited has officially announced its Annual General Meeting (AGM) scheduled for October 21, 2023, in Karachi, where key decisions and financial matters will be addressed.

The AGM's agenda includes several critical items for discussion, including the confirmation of the minutes of the previous AGM held on October 21, 2022. Shareholders will also receive, consider, and adopt the Annual Audited Financial Statements for the fiscal year ending June 30, 2023, along with the respective reports from Directors and Auditors.

One of the most significant announcements for shareholders is the approval of a Cash Dividend at the remarkable rate of 100% (Rs. 10/- per share), as recommended by the company's Board of Directors. This decision reflects the company's strong financial performance and commitment to its shareholders.

Furthermore, the AGM will involve the appointment of Auditors and the determination of their remuneration for the fiscal year ending June 30, 2024. M/s. Yousuf Adil, Chartered Accountants, who have previously served as auditors, have offered themselves for re-appointment. The Board of Directors has recommended their re-appointment based on the recommendation of the Board Audit Committee.

Additionally, shareholders will have the opportunity to transact any other ordinary business with the permission of the Chair during the AGM.

In a separate resolution, the company's Chief Executive has been granted the authority to delegate responsibilities to any person or group of persons, or an attorney, as deemed fit, to handle the sale of freehold land (investment property) and related transactions. This includes conducting negotiations, obtaining quotations, entering into agreements, representing the company before authorities, and executing all necessary documents to complete the asset sale.

Shareholders are advised that the Share Transfer Books of the Company will be closed from October 14, 2023, to October 21, 2023, both days inclusive. Transfers received at the office of Share Registrar M/s. THK Associates (Pvt.) Limited, Karachi, before the close of business on October 13, 2023, will be considered in time for entitlement to the dividend.

The Sitara Chemical Industries Limited AGM promises to be a significant event for shareholders, offering insights into the company's financial performance and future plans, as well as an attractive cash dividend proposal. Shareholders are encouraged to participate and engage actively in the meeting.