Hascol Petroleum Limited Announces 22nd Annual General Meeting with Virtual Attendance Option

Karachi: Notice is hereby given that Hascol Petroleum Limited will conduct its Twenty-Second Annual General Meeting (AGM) on Wednesday, 24 July 2024. The meeting will be held in Karachi and accessible through a video-link facility, enabling shareholders to participate virtually.

The AGM’s agenda includes the confirmation of the minutes from the Extraordinary General Meeting held on 8 September 2023 and the adoption of the Annual Audited Financial Statements for the year ending 31 December 2023. The reports from the Directors and Auditors, along with the Review Report from the Chairman, will be considered. Additionally, the appointment of auditors and the determination of their remuneration for the financial year 2024 are scheduled. The meeting will also allow for the transaction of any other business approved by the Chair.

According to information available from the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP) has directed listed companies to facilitate shareholder participation in AGMs via video links. This measure is intended to maximize shareholder engagement and ensure health safety. Shareholders interested in attending the AGM through video links must register by 22 July 2024, and they can also submit comments or suggestions on the agenda items.

The Share Transfer Books of the company will remain closed from 18 July 2024 to 24 July 2024, with the eligibility to attend and vote at the AGM determined by the shareholder register as of 17 July 2024. Proxies for the meeting must be submitted no later than 48 hours before the meeting start.

The company has also taken steps to enhance accessibility to its financial statements. The Annual Report for 2023 has been electronically transmitted to shareholders whose email addresses are on file. Those without email addresses have been sent printed notices, and hard copies of the Annual Report are available upon request.

Furthermore, in compliance with the Companies Act 2017, the company has advised shareholders with physical shares to convert them to book-entry form as soon as possible. This transition is essential for maintaining compliance with SECP regulations.

In adherence to corporate governance standards, shareholders are reminded of the protocols during the AGM, including the prohibition of direct influence on management decisions and the distribution of gifts.