Pakgen Power Limited Shareholders Approve Dividend and Auditor Reappointment

Lahore, Pakgen Power Limited has officially reported the resolutions approved at their Annual General Meeting (AGM) held on April 22, 2024, in compliance with the Pakistan Stock Exchange regulations. The certified resolutions encompass the adoption of financial statements, dividend ratifications, and auditor appointments.

The AGM’s first agenda item saw the unanimous adoption of the audited financial statements for the fiscal year ended December 31, 2023, including reports from the Chairman, Directors, and Auditors. The shareholders ratified and adopted these documents, providing a foundational review of the company’s financial health over the previous year.

In a subsequent resolution, shareholders ratified a previously declared and distributed interim cash dividend of 150% (Rs. 15 per share) for the year ended December 31, 2023. This payout, reflecting a robust financial stance, was approved as per the stipulations set forth during the fiscal period.

Further resolutions included the reappointment of M/s. Riaz Ahmad & Co, Chartered Accountants, as the external auditors for the upcoming fiscal year ending December 31, 2024. The AGM granted the CEO authority to negotiate and finalize their remuneration, ensuring continuity in financial oversight.

The meeting also addressed special business concerning related party transactions and future communication methods with shareholders. It ratified all related party transactions reported in the 2023 financial statements and authorized the Board of Directors to approve similar transactions for 2024. Additionally, a significant resolution was passed allowing the company to transmit future annual audited financial statements and reports to shareholders using QR enabled codes and web links, moving away from physical formats like CDs or USBs, in line with recent regulatory allowances by the Securities and Exchange Commission of Pakistan.