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Karachi, At the 26th Annual General Meeting of Engro Polymer & Chemicals Limited, several pivotal resolutions were adopted, impacting the company’s financial and operational direction for the upcoming year.
The members ratified the Annual Audited Financial Statements for the year ending December 31, 2023, which includes standalone and consolidated reports alongside the Directors’, Auditor’s, and Chairman’s Review Reports. This comprehensive approval encapsulates the Statement of Compliance with Listed Companies (Code of Corporate Governance) Regulations, 2019, and the associated Auditor’s Review Report on Compliance.
A significant financial highlight was the declaration and approval of the final cash dividends for both preference and ordinary shareholders. Preference shareholders are set to receive a dividend of PKR 0.67 per share, totaling 6.7%, while ordinary shareholders are slated for a PKR 1.00 per share dividend, representing a 10% yield. The eligibility for these dividends was determined based on shareholder status as of March 20, 2024.
Further resolutions included the reappointment of A. F. Ferguson & Co. as the company’s external auditors for 2024. Their remuneration will be settled mutually, inclusive of any applicable federal or provincial taxes and reimbursements for out-of-pocket expenses.
An additional resolution focused on modernizing shareholder communications. The company has been authorized to circulate its annual report, including crucial financial statements and various reports, through digital means like weblinks and QR-enabled codes, ensuring transparency and accessibility.
Lastly, Engro Polymer & Chemicals Limited secured approval for substantial intercompany financial engagements. Notably, the company is set to extend an intercompany loan of up to PKR Five billion each to its holding company, Engro Corporation Limited, and its associated company, Engro Fertilizers Limited. These loans, structured as revolving credit lines, underscore the strategic financial planning and inter-corporate collaboration within the Engro conglomerate.