KARACHI, Aug 6: An Extraordinary General Meeting (ExGM) of Fauji Fertilizer Company (FFC) is scheduled to be held on August 31 to transact ordinary and special business.

A notice issued by the company at the stock exchange observed that under the ordinary business, the minutes of 26th AGM held on February 27, 2004 would be confirmed.

Special business to be transacted at the ExGM would include: to seek consent of shareholders for transmission of quarterly accounts through website in compliance with Section 245 of the Companies Ordinance, 1984 and Securities and Exchange Commission of Pakistan (SECP) circular No.19 of 2004.

The SECP has allowed listed companies to place quarterly accounts on their websites instead of sending the same to each shareholder by post. The company is maintaining a website www.ffc.com.pk.

Prior permission of SECP would be sought for transmitting quarterly accounts through company's website after the approval of shareholders. "The company however, will supply the printed companies of accounts to the shareholders on demand at their registered address, free of charge, within one week of receiving such request", said the company.

On the agenda is also to consider and if thought fit, approve resolution in respect of issue of bonus shares in the ratio of 15 per cent, as recommended by the directors in their meeting on July 29.

The company would capitalize Rs384.7 million out of its reserves for issue of bonus shares. Fauji Fertilizer also proposes to consider and if thought fit to approve increase in authorized capital of the company from Rs3 to Rs5 billion.

"The present authorized capital of the company is Rs3 billion, which is proposed to be increased to Rs5 billion in order to facilitate further issue of shares as and when deemed necessary", the company said.