The company held its 19th Annual General Meeting on April 30, 2019 at ICAP House Thokar Niaz Baig Lahore. Apart from the approval of financial statements, business included approval from the members to make alterations in the memorandum and articles of association.
Since the start of acquisition in 2016, management’s focus has been absolutely on company’s turnaround. The results since 2016 are tabulated as under:
|Description||Year 2018||Year 2016||Variance||Percentage (%)|
During the proceedings CEO briefed the members that company’s equity has turned into positive since the new management has taken over. He stressed that the improvement by Rs. 7,398 million (180%) in the equity is attributable to strenuous efforts and measures taken by the management to drive costs low. He mentioned that current ratio has improved by 220% as company restructured its Term Finance Certificates, the only secured liability outstanding against the company. Apart from that he highlighted the increase in revenue to the members stating that revenue had increased by Rs. 2,539 million (140%). Briefing the audience on alteration of memorandum and articles of association, it was informed to the members that mandatory conversion of CPS was due and for that matter approval from shareholders is required. Further it was elaborated that the resultant conversion would be performed at par value of the ordinary scrip. The above step is being taken to add value to the shareholders and protect the minority shareholders, stock market would hopefully to respond these measures as all these steps are in right direction and turnaround story is already in making.
Commenting on the future outlook, CEO briefed that contracts with 2 leading global vendors for supply of Digital boxes are in place and negotiations with 2 potential DTH License holders are being held to provide end to end Direct to Home (DTH) solution which would start another era of digitalization. Further we are well placed to launch Fiber to the Home (FTTH/ GPON) launch as target areas along with vendors have been finalized, a joint venture agreement has recently been penned with Technology at Work (T@W) to provide high speed internet nationwide. For the LDI business, the Company has acquired state of the art Switch for better services.
Catching up with the developments in IT, on-demand platforms for ride hail services has been developed and is in the testing phase while grocery app is being tested with the flagship store. Moreover, projects such as offering of liveTv via applications on iOS and Android; Enterprise solutions focusing on franchise/customer management are in the pipeline which are expected to materialize very soon.
In a nutshell company is ready to take off from already set platform.