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KARACHI: Nagina Cotton Mills Ltd. has scheduled its 57th Annual General Meeting (AGM) for October 28, 2024, at the company’s registered office in Karachi, as per an official notification. The meeting will be held virtually from noon, allowing shareholders to participate remotely.
The AGM agenda includes confirming the minutes of the last AGM held on October 27, 2023. Additionally, shareholders are expected to review and adopt the audited financial statements for the year ending June 30, 2024, alongside the Chairman’s Review, and the reports from both directors and auditors.
A significant point of interest for shareholders is the proposed cash dividend of Rs. 1.50 per share, reflecting a 15% return, based on the year’s financial performance. The board will also seek approval to appoint auditors for the coming year and determine their remuneration.
Special business will cover the ratification of transactions with related parties as detailed in Note 39 of the financial statements. These transactions, subject to shareholder approval, will set the groundwork for financial dealings in 2025. According to information available from the Pakistan Stock Exchange (PSX), this move follows regulatory compliance with the Companies Act of 2017, ensuring transparency in dealings involving associated companies.
The notice also includes a link and QR code directing shareholders to detailed documents pertaining to the AGM, ensuring all participants are well-informed ahead of the meeting.
This AGM comes at a time when corporate governance and shareholder engagement are increasingly under the spotlight, reflecting the company’s commitment to maintaining robust communication with its investors.