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Karachi, Dawood Lawrencepur Limited has scheduled its 74th Annual General Meeting (AGM) for May 29, 2024, to be held via video link. The meeting will focus on reviewing the audited financial statements for the year ended December 31, 2023, reappointing Messrs. A. F. Ferguson & Co. as auditors, and discussing various special business resolutions including the renewal of a subordinated loan facility and the sale of a subsidiary.
The AGM will address the ordinary business of adopting the company’s audited financial statements, along with the auditors’ and directors’ reports, and reappointing the auditors with fixed remuneration. Special business will include the proposed renewal of a subordinated loan facility of up to PKR 300 million to M/s Tenaga Generasi Limited, a subsidiary of the company.
Additionally, the meeting will consider the sale of 102,600,000 shares constituting the entire issued and paid-up capital of Reon Energy Limited to Juniper International FZ LLC for PKR 100,000,000. This follows previous shareholder approval for the sale which is set to expire on May 30, 2024.
Another key agenda item is the approval for 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 USD 23,175,000, subject to the terms of the Share Purchase Agreement.
Shareholders will have the option to participate in the AGM proceedings through a video link, for which they must register in advance. The company has also arranged for electronic voting and postal voting for resolutions classified as special business.