Annual general meetings schedule

Companies have announced their annual general meetings in which they would receive and adopt the audited accounts for the year ended on June 30, 2011.

Pakistan State Oil

Pakistan State Oil (PSO) 35th Annual General Meeting will be held on Thursday, September 29, 2011. In the meeting board of directors of the company would approve final cash dividend of 20 percent in addition to the interim dividend of 80 percent already paid, thereby making a total dividend of 100 percent for the year ended June 30, 2011.

Pakistan Cables Limited

SECP conducts AGMs of Haseeb Waqas Sugar Mills

The Securities and Exchange Commission of Pakistan (SECP), in exercise of its powers Under Section 170 (1) of the Companies Ordinance, 1984, on Thursday, convened the overdue Annual General Meeting of the Haseeb Waqas Sugar Mills Ltd for the years 2004 and 2005. The meetings were chaired by Rashid I Malik, Commissioner, SECP.

The company was required to hold the Annual General Meetings (AGMs) for the years 2004 and 2005 on or before January 31, 2005 and January 31, 2006 respectively, however, the Company failed to hold the AGMs. The non-holding of AGMs deprived shareholders of their statutory rights, particularly electing the Board of Directors of the Company. The Commission in the interest of the shareholders called the AGMs and this was also directed by Lahore High Court to move ahead with the holding of the AGMs, as envisaged by SECP.

PPL approves 55pc final dividend

The 55th Annual General Meeting (AGM) of Pakistan Petroleum Ltd (PPL) on Monday approved a final cash dividend of 55 per cent on Ordinary Share Capital for the fiscal year 2005-06.

This final cash dividend is in addition to the interim dividend of 35 per cent on Ordinary Share Capital and 30 per cent on Convertible Preference Shares Capital already paid to the shareholders in April this year, said a press release issued here.

Chairman PPL M A K Alizai said the company has been able to maintain the momentum of consistent and rapid growth in financial year 2005-06. He informed the meeting that the PPL’s sales revenue increased by 36 per cent to Rs31.8 billion.