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Lahore, Avanceon Limited has scheduled its 21st Annual General Meeting (AGM) for 29 April 2024 in Lahore, as disclosed in a recent notice to the Pakistan Stock Exchange. The meeting will include a review of the audited financial statements for the year ended 31 December 2023, alongside the Directors’ and Auditors’ Reports, and Chairman’s Review Report. These documents are now available for shareholders on the company’s website.
A key agenda item includes the confirmation of the minutes from the Extraordinary General Meeting held on 22 December 2023. The company will also seek approval for the reappointment of M/s BDO Ebrahim and Co. Chartered Accountants as its auditors for the year ending 31 December 2024, with their remuneration to be fixed during the AGM.
Furthermore, the board has recommended a final cash dividend of Rs. 2 per share (20%) for the year ended 31 December 2023. In addition, the issue of bonus shares at a rate of 10% will be considered, where shareholders will receive 10 bonus shares for every 100 shares held as of 19 April 2024. The resulting fractional shares from this distribution will be consolidated and sold, with proceeds going to a charitable institution.
The meeting will also provide a platform for any other business that may arise, under the chair’s permission. Shareholders are encouraged to participate in the AGM through a video conference facility provided by the company, with details and guidance for joining the online meeting made available on Avanceon’s official website.
This announcement aligns with the company’s commitment to transparency and shareholder engagement, ensuring that all pertinent financial information and company decisions are accessible to its stakeholders.