Lahore: Systems Limited has announced the convening of its 48th Annual General Meeting (AGM) scheduled for April 28, 2025, at 11 a.m. The meeting will take place at the company's head office situated at Systems Campus, E-1, Sehjpal Road, Near DHA Phase-8 (Ex-Air Avenue), Lahore, and will be accessible both in-person and via video link. The AGM will address several significant business matters.
Among the ordinary business items on the agenda, shareholders will confirm the minutes of the previous AGM held on April 19, 2024. Additionally, they will receive, consider, and adopt the audited accounts of the company for the fiscal year ending December 31, 2024, along with the Board of Directors' and auditors' reports.
A key financial decision involves the proposal to approve and declare a cash dividend of 60%, equivalent to PKR 6 per share, for the year ended December 31, 2024. The appointment of A.F. Ferguson and Co. as auditors for the year ending December 31, 2025, and the determination of their remuneration is also on the agenda, following the recommendation of the Audit Committee.
On the special business front, Systems Limited plans to deliberate on and potentially approve a 5-for-1 stock split, in line with the Guidelines on Stock Split for Listed Companies issued by the Pakistan Stock Exchange, Section 85(1)(c) of the Companies Act, 2017, and Chapter 8D, "Consolidation or Sub-division of Securities," under the regulations of the Central Depository Company of Pakistan. This stock split would alter the company's existing capital structure by subdividing each ordinary share with a face value of Rs. 10 into five ordinary shares of Rs. 2 each, without changing the rights and privileges of the shares.
Moreover, shareholders will consider the renewal of loans to associated and subsidiary companies. Specifically, the company seeks to renew a loan of Rs. 50 million to SUS Joint Venture (Private) Limited, a subsidiary, and a loan and guarantee totaling Rs. 550 million to UUS Joint Venture (Private) Limited, an associated company. Additionally, a loan renewal of Rs. 340 million is proposed for E-Processing Systems (Private) Limited, another associate of the company. These actions are to be executed under the terms of Section 199 of the Companies Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), these activities are part of Systems Limited's strategic decisions to optimize its financial structure and enhance shareholder value. The AGM serves as a crucial platform for shareholders to engage in these decisions and approve the company's future directions.
The technology sector, as the designated market category for Systems Limited, remains a focal area for innovation and growth, with the company poised to leverage its resources and capabilities for sustained development in the coming fiscal year.