Pakistan Engineering Company Announces Extraordinary General Meeting and Director Elections

Lahore, Pakistan Engineering Company Limited has scheduled its 30th Extraordinary General Meeting (EOGM) for April 18, 2024. The meeting, open to shareholders, will be held at the Four Points by Sheraton, 25 – Egerton Road, Lahore, and will also be accessible through video conferencing. A Closed Period has been declared from April 5 to April 18, 2024, during which directors, the CEO, and executives are prohibited from dealing in the company’s shares.

The agenda for the EOGM includes the confirmation of the minutes from the previous meeting held on April 9, 2021, and the election of eight directors representing private shareholding for a term of three years commencing April 9, 2024. The retiring directors are Mr. Muhammad Arif Habib, Mirza Mahmood Ahmed, Mr. Rashid Ali Khan, Mr. Muhammad Iqbal, Mr. Ansar Javed, and Mr. Manzoor Razes. The election is in accordance with Section 159 of the Companies Act, 2017, and the board has approved April 18, 2024, as the election date due to Eid Holidays and the requisite closed period.

Additionally, the company has outlined the procedure for virtual participation in the EOGM, requiring shareholders interested in attending virtually to register by email no later than 48 hours before the meeting time. The EOGM will also address any other business with the chair’s permission.

Candidates contesting the director elections must submit their nominations 14 days before the EOGM, including a detailed profile and consent to act as director, among other documents. The election will adhere to the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019, ensuring compliance with legal requirements for the election of directors.

The company also detailed the share transfer book closure from April 5 to April 18, 2024, and the registration process for proxies, emphasizing the necessity of submission within the stipulated timeframe.

This announcement aims to ensure shareholders are well-informed of the EOGM proceedings, the election of directors, and the modalities of participation, in compliance with regulatory requirements and corporate governance standards.