Lahore: Sui Northern Gas Pipelines Limited (SNGPL) has scheduled its 59th Annual General Meeting (AGM) for August 21, 2024, at the Pearl Continental Hotel in Lahore. This meeting will address several key points including the confirmation of minutes from a previous meeting, the adoption of the latest financial statements, and the approval of a substantial dividend for shareholders.
The agenda for the upcoming AGM, as detailed in the official notice, includes confirming the minutes of the Extraordinary General Meeting held on September 30, 2023. Furthermore, shareholders will review and adopt the Annual Audited Accounts for the fiscal year ending June 30, 2023, accompanied by reports from directors and auditors. These documents are available on the company's website for shareholder perusal and download.
A significant highlight of the meeting will be the board’s recommendation to distribute a cash dividend of Rs. 4.50 per share, marking a 45% dividend. Additionally, the AGM will oversee the appointment of external auditors for the fiscal year 2024 and address their remuneration.
According to information available from the Pakistan Stock Exchange (PSX), the share transfer books of SNGPL will remain closed from August 14 to August 21, 2024. Only shareholders listed as of the close of business on August 13, 2024, will be eligible for the dividend payment.
SNGPL also provides options for shareholder participation through electronic means, in compliance with the Securities and Exchange Commission of Pakistan’s regulations. This move caters to the ongoing emphasis on digital engagement, allowing shareholders to attend the meeting remotely starting from 10:00 a.m. on the day of the AGM to facilitate identification and verification.
In a continuing effort to streamline shareholder communication and compliance, SNGPL has mandated that dividends will only be paid through electronic transfers into designated bank accounts, a practice aimed at ensuring secure and efficient transactions. Shareholders are urged to provide their bank details promptly to facilitate this process.
Furthermore, the meeting will allow the discussion of additional ordinary business with the Chairman’s permission, demonstrating the company’s commitment to transparent and inclusive shareholder engagement.