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Islamabad: Pak Datacom Limited, a major telecommunications service provider in Pakistan, held its 32nd Annual General Meeting on October 21, 2024, where several significant resolutions were passed, impacting future operations and shareholder dividends.
In the meeting, shareholders approved the audited financial statements for the fiscal year ended June 30, 2024, and declared a final cash dividend of Rs. 3.50 per share. The adoption of the audited accounts and the directors’ and auditors’ reports was affirmed after detailed discussions among the participants.
According to information available from the Pakistan Stock Exchange (PSX), the decision regarding the dividend payout reflects a 35% distribution of the profits to shareholders listed in the Register of Members as of October 11, 2024.
Further resolutions included the reappointment of BDO Ebrahim and Co. as the company’s auditors for the fiscal year ending June 30, 2025, with a proposed remuneration of Rs. 1.49 million, exclusive of out-of-pocket expenses for statutory and interim audits.
Notably, amendments to the Memorandum of Association were also approved, encompassing the rephrasing of the object clause to align with current technological and business trends. New clauses prevent the company from engaging directly or indirectly in businesses restricted under existing exchange control regulations or other relevant laws.
The assembly consented to prohibit the company from participating in multi-level marketing (MLM), pyramid schemes, or any related lottery business activities without appropriate regulatory approval.
In a significant move reflecting the shareholders’ sentiment, a resolution was rejected regarding the disbursement of honorariums to certain employees, illustrating shareholder scrutiny over compensation matters. The detailed polling results for this resolution indicated a notable division among the participants, with a substantial percentage opposing the motion.
The results from the AGM, reflecting strategic shifts and shareholder engagement, have been duly recorded and submitted to the Securities and Exchange Commission of Pakistan (SECP) for compliance and record-keeping purposes.
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