Dawood Lawrencepur Limited Announces Approval of Key Resolutions at Annual General Meeting

Karachi, Dawood Lawrencepur Limited held its Annual General Meeting at 11:00 AM on Wednesday, at Karachi School of Business Leadership, situated at National Stadium Road, opposite Liaquat National Hospital, Karachi, and via video link. The shareholders approved several significant resolutions, including the adoption of audited financial statements and reappointment of auditors for the upcoming fiscal year. According to information available from the Pakistan Stock Exchange (PSX), the meeting addressed both ordinary and special business items that will impact the company’s operations and strategic direction.

The resolutions passed included the adoption of the audited unconsolidated and consolidated financial statements for the year ended December 31, 2023, alongside the auditors’ and directors’ reports, and the review report of the chairman. Additionally, the shareholders approved the reappointment of Messrs. A. F. Ferguson & Co., Chartered Accountants, as the company’s auditors for the year ending December 31, 2024, with a mutually agreed fee.

In special business, the shareholders granted approval for the renewal of a subordinated loan facility of up to PKR 300 million to its subsidiary, M/s Tenaga Generasi Limited (TGL), for another year. Furthermore, the company received approval to sell 102,600,000 shares constituting 100% of the issued and paid-up capital of Reon Energy Limited to Juniper International FZ LLC for PKR 100,000,000. Another significant resolution involved the disposal of the company’s entire shareholding in Tenaga Generasi Limited (75% of the outstanding paid-up capital) to Artistic Milliners (Private) Limited for an amount equivalent to USD 23,175,000, which may be adjusted under the terms of the Share Purchase Agreement.

The resolutions are expected to guide Dawood Lawrencepur Limited in its future endeavors, following compliance with the regulations set by the Pakistan Stock Exchange and other relevant authorities. The company has authorized its Chief Executive Officer, Chief Financial Officer, and Company Secretary to take necessary actions to implement these resolutions effectively.