Descon Oxychem Announces 19th Annual General Meeting to Approve Financial Statements and Dividend Payment

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Lahore, Descon Oxychem Limited, a prominent chemical company, has officially announced its 19th Annual General Meeting (AGM) scheduled for October 18, 2023. The AGM will be held at the registered office of the Company located at Descon Headquarters, Lahore. Shareholders will convene to address important agenda items and conduct various transactions.

Agenda for the AGM:

The AGM will address the following agenda items:

Ordinary Business:

1. Confirmation of Minutes: Shareholders will confirm the minutes of the last Extraordinary General Meeting, which was held on June 23, 2023.

2. Financial Statements: Shareholders will receive, consider, and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2023. This includes reviewing the reports of Directors and Auditors. The AGM will also cover the Annual Audited Consolidated Financial Statements of the Company for the same period, along with the Auditor’s report.

3. Appointment of External Auditors: The AGM will appoint the External Auditors for the Company for the upcoming year and determine their remuneration. The present auditors have retired, and the Board has recommended M/s. Crowe Hussain Chaudhury & Co., Chartered Accountants, as the Auditors of the Company for the year ending on June 30, 2024.

4. Final Cash Dividend: Shareholders will vote on the approval of the Final Cash Dividend. The Board of Directors has recommended a dividend payment of 20.00% (i.e., PKR 2.00 per ordinary share) for the fiscal year ended June 30, 2023.

5. Any Other Business: The AGM will also provide an opportunity to transact any other business with the permission of the Chair.

Notes:

The Share Transfer Books of Descon Oxychem Limited will remain closed from October 12, 2023, to October 18, 2023, both days inclusive.

The 19th Annual General Meeting of Descon Oxychem Limited is a crucial event where shareholders will play a pivotal role in approving financial statements, determining the auditors, and endorsing dividend payments. The meeting aims to ensure transparency and compliance with corporate governance standards while facilitating discussions on the company’s financial performance and future prospects.

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