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Karachi: The 17th Annual General Meeting (AGM) of International Steels Limited is scheduled for September 24, 2024. The meeting, set to take place in Karachi, will cover crucial agenda items, including the adoption of financial statements and dividend declarations.
The AGM will focus on the adoption of the audited annual financial statements for the fiscal year ended June 30, 2024. These include the Directors’ and Auditors’ reports. According to information available from the Pakistan Stock Exchange (PSX), shareholders are encouraged to attend via video conferencing due to the detailed financial disclosures and strategic discussions planned.
A key financial decision includes the approval of a final cash dividend of Rs. 3.00 per share, which represents a 30% payout. This is in addition to the 25% interim dividend already distributed, bringing the total dividend for the year to 55%, or Rs. 5.5 per share. This move follows a board recommendation based on the company’s performance.
Additionally, the AGM will address the reappointment of the company’s auditors. M/s A. F. Ferguson and Co., Chartered Accountants, will continue in their role, subject to mutual agreement on fees and reimbursement of actual out-of-pocket expenses. This reappointment is pivotal for maintaining continuity in financial oversight.
Other items on the agenda include potential additional business that may arise, which will be addressed with the Chair’s permission.
This assembly is not only a regulatory requirement under Section 223 of the Companies Act 2017 but also a critical platform for shareholder engagement and corporate governance. The full annual report and financial statements have been made accessible to shareholders via a QR-enabled code and a direct weblink provided in the notice.
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