Indus Motor Company to Hold 35th Annual General Meeting in Karachi

Karachi: Indus Motor Company Limited has announced its 35th Annual General Meeting (AGM), scheduled for October 3, 2024, at the Institute of Chartered Accountants of Pakistan (ICAP) in Karachi. The meeting will also be accessible via video link for shareholders unable to attend in person.

According to information available from the Pakistan Stock Exchange (PSX), the agenda for the AGM includes the adoption of the Annual Audited Financial Statements for the fiscal year ended June 30, 2024, along with the Chairman’s Review and reports from the Directors and Auditors. These documents are already available for shareholder review on the company’s website as mandated by Section 223(7) of the Companies Act 2017.

A significant point of discussion will be the approval of a substantial cash dividend for the fiscal year 2023-2024. The directors have proposed a final cash dividend of 430%, amounting to PKR 43 per share, in addition to an already paid combined interim dividend of 717%, or PKR 71.70 per share. This brings the total dividend for the year to an impressive 1,147%, or PKR 114.70 per share.

Furthermore, the AGM will address the appointment of auditors and the setting of their remuneration for the upcoming fiscal year ending June 30, 2025. The current auditors, M/s. A.F. Ferguson and Co., Chartered Accountants, are retiring but have expressed their eligibility and willingness to be re-appointed.

The notice for this AGM, which includes all pertinent details and instructions for shareholders, will be published in the ‘Business Recorder’ and ‘Nawa-i-Waqt’ newspapers on September 11, 2024.