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Islamabad: The 40th Annual General Meeting (AGM) of Mari Petroleum Company Limited is set to convene in Islamabad on September 24, 2024. The gathering will address significant decisions including a considerable dividend payment, the issuance of bonus shares, and proposed amendments to the company’s Articles of Association.
During the meeting, shareholders will review the audited separate and consolidated financial statements for the fiscal year ended June 30, 2024. These documents, which include reports from directors and auditors, reflect the company’s financial health and operational progress over the past year.
According to information available from the Pakistan Stock Exchange (PSX), a noteworthy resolution on the agenda is the approval of a substantial final dividend of Rs. 134 per share, which amounts to 1,340%. This is in addition to an interim dividend of Rs. 98 per share, or 980%, previously distributed.
In addition to financial distributions, the AGM will consider the capitalization of reserves through the issuance of bonus shares at an impressive ratio of eight shares for every one share held, as recommended by the Board on August 8, 2024. This would involve the allocation of Rs. 10.59 billion from the Capital Redemption Reserve Fund and Rs. 82.2 million from unappropriated profits for the issuance of over 1.067 billion new shares.
The proposed changes to the Articles of Association are designed to streamline corporate operations and legal compliance. The amendments, if approved, will empower the Chief Executive and Company Secretary to handle all related legal formalities. Additionally, any minor modifications required after the resolution passes will not necessitate a fresh shareholder approval, facilitating more dynamic corporate governance.
Also, the AGM will authorize the consolidation and sale of fractional shares that arise from the bonus issue, with proceeds designated for donation as determined by the Board. This process will be conducted on the Pakistan Stock Exchange, ensuring transparency and fairness in the handling of fractional entitlements.
Furthermore, shareholders will address the upcoming closure of the share transfer books from September 19 to September 24, 2024, to prepare for the dividend and bonus share distributions. The company also plans to withhold the issuance of 5% of the bonus shares currently under judicial review by the Sindh High Court until a final decision is reached.
The significant financial decisions and proposed corporate amendments underscore Mari Petroleum’s strategic planning to enhance shareholder value and adapt to evolving business landscapes.
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