SME Leasing Limited to Hold 22nd Annual General Meeting Online on July 22

Karachi: SME Leasing Limited has announced its 22nd Annual General Meeting (AGM) will convene online via Zoom on Monday, July 22, 2024. Shareholders are set to review the audited financial statements for the year ended December 31, 2023, appoint new auditors for the coming year, and address additional business as permitted by the Chair.

The AGM will include the confirmation of minutes from the previous meeting held on January 11, 2024. Shareholders will also consider and adopt the financial statements along with the Directors’ and Auditors’ Reports for the previous year. Notably, the Board of Directors has recommended M/s. BDO Ebrahim & Co, Chartered Accountants, to be appointed as the Company’s auditors for the fiscal year ending December 31, 2024.

Additional items on the agenda include any other business that may arise, with prior approval from the Chair. Shareholders planning to attend will need to login to the meeting platform thirty minutes before the scheduled time to complete the necessary identification and verification processes.

According to information available from the Pakistan Stock Exchange (PSX), SME Leasing Limited, incorporated in July 2002 and listed in December 2006, has faced considerable challenges over the past fiscal year. The company, a subsidiary of SME Bank Limited—which holds 73.14% of its shares—is licensed to provide leasing and working capital financing to small and medium enterprises across Pakistan.

The economic environment has been particularly tough, with an average inflation rate of 29.1% during FY23, a significant increase from 11.0% the previous year. This challenging economic climate has impacted the performance of SME Leasing Limited, with the Securities and Exchange Commission of Pakistan putting a hold on the renewal of its license.

Operational efforts have been focused on recovery strategies, particularly from non-performing loan portfolios, which have resulted in a total recovery of Rs 45.615 million during the year. Despite these efforts, the company’s financial stability remains under pressure due to the winding down of its parent company, SME Bank, and a depleted credit line.

The entitled shareholders have been encouraged to forward any comments or suggestions regarding the AGM’s agenda items to the Company Secretary’s office at least two working days before the meeting.