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Lahore, Service Global Footwear Limited has announced its 5th Annual General Meeting (AGM) to be held on April 26, 2024, in Lahore. The agenda includes the adoption of financial statements for the year ended December 31, 2023, approval of a final cash dividend, re-appointment of auditors, and a special resolution concerning the renewal of a significant investment in Service Industries Limited.
The company will present its audited financial statements for 2023, which have been made available on its website, for shareholder approval. In addition to adopting these financial statements, shareholders will be asked to approve a final cash dividend of Rs. 2 per share. This dividend is in addition to an interim dividend already paid, bringing the total cash dividend for the year to Rs. 5 per share, or 50%.
Service Global Footwear proposes the re-appointment of its retiring auditors, M/s. Riaz Ahmad & Company, Chartered Accountants, for the upcoming fiscal year, with their remuneration to be fixed during the meeting.
A special resolution will be considered for the renewal of a working capital loan of up to PKR 4.5 billion to Service Industries Limited, a holding/associated company. This investment, approved by shareholders in the previous year, is set to expire on June 30, 2024, and the company seeks to extend it for another year with unchanged terms and conditions.
The notice also outlines various administrative details for shareholders regarding dividend payment, tax deductions, e-voting, and voting through postal ballots. Shareholders are encouraged to ensure their participation in the AGM through physical attendance, video link, or proxy voting, with specific guidelines provided for each method.
The AGM will address significant decisions affecting the company’s financial distributions and strategic investments, alongside routine corporate governance matters.