Karachi: Sitara Chemical Industries Limited has announced that its Annual General Meeting (AGM) will be held on October 24, 2024, at 3:00 p.m. at the Chartered Accountants Avenue, Block 8 Clifton, Karachi. This key corporate event is set to discuss and decide on a range of strategic financial matters.

The AGM will primarily focus on the approval of the company's Annual Audited Financial Statements for the year ended June 30, 2024. The shareholders will review and ratify the reports of Directors and Auditors, including the Chairman’s review report. According to information available from the Pakistan Stock Exchange (PSX), a significant item on the agenda includes the proposal to approve a cash dividend at the rate of 100%, translating to Rs. 10 per share.

Further, the meeting will involve the appointment of auditors for the fiscal year ending June 30, 2025, with the Board of Audit Committee recommending the reappointment of Ms. Yousuf Adil Chartered Accountants as the company's auditors.

Additionally, the AGM will address special business matters, such as the remuneration of the Chief Executive and Executive Directors. A resolution will be proposed to authorize the board to determine and approve monthly remuneration, perks and benefits, and their annual revision for the office of Chief Executive Officer and Executive Directors.

Another resolution under consideration will involve the disposal of company-owned freehold land (Investment Property), which is detailed in a circular distributed to shareholders under Section 183(3)(a) of the Companies Act, 2017, alongside statements of material facts under Section 134 of the Act.

This annual gathering not only aims to ensure compliance with corporate governance requirements but also sets the financial and operational agenda for the coming year.