OLP Financial Services Pakistan Limited Announces Date for Thirty-Seventh Annual General Meeting

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Karachi, OLP Financial Services Pakistan Limited has officially announced the date for its Thirty-Seventh Annual General Meeting (AGM), scheduled to take place on October 26, 2023, in Karachi. The company has outlined a comprehensive agenda covering key financial matters and corporate governance issues.

The AGM will address various aspects of OLP Financial Services Pakistan Limited’s operations, including:

1. Approval of Financial Statements: Shareholders will consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2023, along with the Auditors’ Report and Directors’ Report.

2. Dividend Declaration: Shareholders will review and approve a dividend of PKR 2 per share of PKR 10/- (20%) for the year ended June 30, 2023, in addition to the 20% Interim Cash Dividend (PKR 2 per share) already paid.

3. Appointment of Auditors: The AGM will appoint auditors for the financial year 2023-24 and determine their remuneration. The current auditors, Messrs. A.F Fergusons & Co., Chartered Accountants, are eligible for reappointment.

4. Director Elections: Shareholders will elect seven directors for a three-year term commencing from October 26, 2023, as per the Companies Act, 2017.

To facilitate shareholder participation, the company has provided information regarding book closure dates, proxy appointments, and the requirement of identification documents, such as Computerized National Identity Cards (CNICs) or passports. Additionally, the company has emphasized the importance of updating shareholders’ contact information promptly.

The AGM also addresses various tax-related matters, including the deduction of income tax from dividends, tax exemptions, and the importance of shareholders being on the Active Tax-payers List (ATL).

Furthermore, OLP Financial Services Pakistan Limited offers shareholders the option to vote through electronic means or postal ballot, in compliance with the Companies (Postal Ballot) Regulations, 2018.

The company has made significant efforts to promote corporate governance and transparency, including the appointment of Independent Directors and the distribution of Annual Audited Financial Statements through electronic means.

Shareholders are encouraged to stay informed and actively participate in the AGM, ensuring that their voices are heard and that key decisions align with their interests.

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