Avanceon Limited Approves Dividends and Bonus Shares at Annual General Meeting

Lahore, Avanceon Limited held its 21st Annual General Meeting on April 29, 2024, passing several key resolutions that affect its shareholders. The meeting took place at the Nishat Hotel in Johar Town, Lahore and was also accessible via Zoom video link.

During the meeting, the minutes of the Extraordinary General Meeting held on December 22, 2023, were confirmed and approved. Additionally, the Annual Audited Accounts for the fiscal year ending December 31, 2023, along with the Directors’ Report, Chairman Review Report, and compliance statements, were adopted. BDO Ebrahim & Co. Chartered Accountants were reappointed as the company’s auditors for the upcoming year.

Significant financial decisions included the approval of a final cash dividend of Rs. 2 per share, equating to 20% for the year ended December 31, 2023. This dividend is payable to shareholders registered as of April 19, 2024. Furthermore, the company resolved to issue bonus shares at a rate of 10%—10 bonus shares for every 100 shares held by shareholders as of the same date.

The meeting concluded with a vote of thanks to the chair, marking the end of the business discussed.