STO to hold extraordinary meeting to obtain shareholders

The State Trading Organisation (STO) has announced that it is planning to hold a meeting to obtain shareholders’ opinion on the issues passed during its recent Annual General Meeting (AGM).

Managing Director of STO Shahid Ali said that the Extraordinary General Meeting (EGM) had been scheduled for tomorrow night, because proxies were submitted at the AGM held in May in violation of the company’s Basic Regulation.

“The Basic Regulation states that one person can submit up to a maximum of 100 proxies. But some people brought 300 proxies to the recent general meeting. So to solve this problem, our lawyer has advised to hold an EGM,” he said.

Shahid Ali said that at the EGM, voting would be conducted on all the issues passed during the recent AGM, and that an additional EGM might have to be held if one of those issues need to be passed again.

“We never faced this problem before. The problem arose this time because a large number of people brought proxies. Earlier, each person would bring 60 proxies on average. This time they brought too much. The only ways to solve this problem are holding a meeting or going to court. If we take it to court, it’s likely to be delayed, so we decided to hold a meeting,” said Shahid.