Systems Limited Approves Dividend and Reappoints Auditors at Annual General Meeting

Lahore, Systems Limited, a leading technology firm, held its 47th Annual General Meeting (AGM) on April 19, 2024, at its premises in Lahore Punjab, and online via video link. The shareholders approved several key resolutions during the meeting.

The AGM confirmed the minutes from the company’s Extraordinary General Meeting held on December 26, 2023. Shareholders formally approved these previous meeting minutes, marking all decisions as final.

In financial matters, the company received and adopted the Audited Accounts for the year ended December 31, 2023, along with reports from the Board of Directors and Auditors. The meeting approved a significant cash dividend of PKR 6 per share, equating to a 60% dividend for the fiscal year.

Systems Limited also reappointed A.F. Ferguson and Co. as its auditors for the coming year, setting their remuneration based on recommendations from the Audit Committee.

Special business included the approval of substantial loans to subsidiary and associated companies. Renewed loan agreements include PKR 50 million to SUS Joint Venture (Private) Limited, PKR 200 million to UUS Joint Venture (Private) Limited, and PKR 340 million to E-Processing Systems (Private) Limited. The Chief Executive, Mr. Muhammad Asif Peer, and the Chief Financial Officer, Ms. Roohi Khan, were authorized to execute these transactions and all related legal and procedural formalities.