Karachi: Thatta Cement Company Limited is scheduled to hold its Annual General Meeting on October 15, 2024, at its headquarters in Karachi to address several key corporate actions, including the adoption of financial statements and dividend declarations.
This meeting, integral for corporate governance, will follow up on the last Annual General Meeting held on October 26, 2023. One of the primary agenda items is to receive, consider, and adopt the audited financial statements for the fiscal year ending June 30, 2024, along with reports from the Board of Directors and Independent Auditors. These documents, crucial for shareholder review, have been made available on the company's website as per regulatory requirements.
Significantly, the Board of Directors proposes a selective dividend payment strategy for the fiscal year. While no dividends will be distributed to the majority shareholders, including Sky Pak Holding (Pvt) Ltd, Al-Mnah Holding (Pvt) Ltd, Golden Globe Holding (Pvt) Ltd, and Rising Star Holding (Pvt) Ltd, who collectively own 51% of the company, a cash dividend of 10%, amounting to Rs. 1.00 per share, is recommended for minority shareholders. According to information available from the Pakistan Stock Exchange (PSX), this approach allows the company to channel more funds into strategic investments, as the major shareholders have consented to forgo their dividends.
The meeting will also cover the appointment of external auditors for the upcoming fiscal year. The current auditors, M/s BDO Ebrahim and Co. Chartered Accountants, are retiring but have offered themselves for re-election. Additionally, the election of seven directors for a three-year term as stipulated under Section 159 of the Companies Act, 2017, will be conducted. The directors up for re-election include Mr. Khawaja Muhammad Salman Younis, Mr. Kamran Munir Ansari, Mr. ME Saleem Zamindar, Mr. Noor Muhammad, Mr. Alamuddin Bulb, Ms. Shaista Bano Gilani, and Ms. Naheed Memon.
Other matters to be addressed include any special business that may arise during the meeting with the permission of the Chair.