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Karachi: Indus Motor Company Limited has announced the scheduling of its 35th Annual General Meeting (AGM) to be held on October 3, 2024, at the Institute of Chartered Accountants of Pakistan, Clifton, Karachi. The meeting, which will also offer a video link facility for shareholders, is poised to discuss several key points including the adoption of the annual audited financial statements for the year ended June 30, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the agenda for the AGM includes the approval of a substantial final cash dividend of Rs 43 per share, which, when combined with the previously distributed interim dividend of Rs 71.70 per share, culminates in an annual dividend of Rs 114.70 per share for the fiscal year 2023-2024. This recommendation reflects a significant return to shareholders following a presumably robust fiscal performance.
In addition to the dividend discussion, shareholders will be tasked with reappointing the company’s auditors, M/s. A.F. Ferguson and Co., for the fiscal year ending June 30, 2025. The AGM will also cover the circulation of the annual report through modern digital means, including QR codes and web links, complying with the recent directives under the Companies Act of 2017 and the Securities and Exchange Commission of Pakistan’s regulations.
Further, the company has announced a closure of its Share Transfer Books from September 27, 2024, to October 3, 2024, for dividend payment preparations and eligibility for AGM participation. This procedural step ensures that all dividends and participatory rights are properly accounted for in accordance with the fiscal timetable.
Moreover, Indus Motor has reiterated its compliance with mandatory electronic payment of dividends, urging shareholders to ensure their bank account details are updated to facilitate direct deposit of dividends. The effort to modernize and streamline shareholder communications and dividend distribution reflects a broader shift towards enhanced corporate governance and shareholder service efficiency.