Pakistan Cables Limited Announces 71st Annual General Meeting and Key Resolutions

Karachi: The 71st Annual General Meeting (AGM) of Pakistan Cables Limited is scheduled to take place on September 30, 2024, at Karachi 74000, with an option for shareholders to participate via video conferencing. The meeting will address several crucial agenda items, including the approval of audited financial statements and the issuance of bonus shares.

The AGM will start by confirming the minutes from the Extraordinary General Meeting held on August 13, 2024. According to information available from the Pakistan Stock Exchange (PSX), shareholders will review the annual audited financial statements for the fiscal year ended June 30, 2024, alongside the directors’ and auditors’ reports. These documents have been made accessible on the company’s website since March 21, 2023, following regulatory guidelines.

A significant item on the agenda is the proposed issuance of bonus shares at a rate of 10%, equating to 10 bonus shares for every 100 shares held as of June 30, 2024. These shares will be equal in rank to existing shares concerning future dividends and other rights. The board has recommended the reappointment of M/s. A. F. Ferguson and Co., Chartered Accountants, as the company’s auditors for the new fiscal year ending June 30, 2025, pending approval during the meeting.

In terms of special business, the company plans to discuss the sale of a segmented plot of land—approximately 6.816 acres located at Pakistan Cables Road, S.I.T.E., Karachi. The proposed selling price is set at Rs. 285 million per acre. The resolution empowers the Chief Executive Officer or an authorized representative to manage the sale, including negotiations, preparations, and finalizing the sale agreements. This authority extends to interacting with potential buyers, financial institutions for encumbrance releases, and completing necessary registrations and transactions with relevant authorities.

The meeting will also offer a platform for any other ordinary business permissible under the chair’s discretion.

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