KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) has been granted a 30-day extension to convene its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The extension, set until November 27, 2024, was approved by the Securities and Exchange Commission of Pakistan (SECP), allowing the company additional time to finalize its annual audited accounts.

The SECP, in a letter dated October 3, 2024, informed SNGPL that the extension was issued under Sections 132 and 223 of the Companies Act, 2017, which pertains to the management and disclosure requirements for corporate entities in Pakistan. The decision came after SNGPL submitted a formal request citing the need for additional time to prepare and present comprehensive financial statements to its shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the notice to shareholders emphasized that the company values timely and transparent communication, and the extension will ensure that all statutory requirements are fully met. The company's management expressed appreciation for the SECP's decision, noting that it provides necessary room to maintain rigorous financial oversight and reporting practices.

This extension is also noted as part of SNGPL's compliance with regulatory requirements, aiming to uphold corporate governance standards while ensuring the interests of its shareholders are protected. The company has advised its TRE Certificate Holders to update their records in accordance with the new AGM schedule.

SNGPL, headquartered in Lahore, is one of Pakistan’s major gas distributors, responsible for the supply of natural gas in the northern regions of the country. The extended deadline for their AGM highlights the company's commitment to adhering to regulatory frameworks while managing its operational responsibilities effectively.