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Monday, 28 March 2011 00:38 - - {{hitsCtrl.values.hits}}

Shareholders to scramble as AGMs week starts with 24 firms rushing to meet best practices-driven 31 March benchmark

shareholders will be busy this week as there will be 24 Annual General Meetings by Thursday with respective companies scrambling to meet the 31 March, timeline to signify adherence to best practices.

The AGM season for 31 December financial year companies began last week with first in the league to hold was Colombo Dockyard on Tuesday followed by Asia Capital and Property Development on 23 March and Asian Alliance on Friday and Bogala Graphite on Saturday.

The ‘AGMs week’ begins with SLT holding its today at 10 a.m. followed by HNB Assurance and Ceylon Tobacco on Tuesday.

Seven companies have scheduled their AGMs on Wednesday with two at the same time (10 a.m); three clashing with each other at 10.30 a.m. and two others at 11 a.m. Wednesday’s lineup is as follows Finlays, NTB, Seylan, Talawakelle Tea Estates, Commercial Bank, Janashakthi Insurance, and NDB Bank.

If Wednesday is tough for a shareholder owning stakes in some of these companies, then Thursday is certain to be a nightmare as 14 companies will hold their AGMs. Starting off with Union Assurance at 9 a.m Pan Asia Bank and Seylan Developments have timed theirs at 9.30 a.m.

Five companies HNB, Hapugastenna Plantations, Sampath Bank, Aviva NDB Insurance and Singer Sri Lanka will hold their AGMs exactly at the same time 10 a.m. and two companies Udapussellawa and Singer Industries at 11 a.m. whilst Singer Group’s Regnis will hold its AGM 45 minutes later. Thursday evening AGMs include that of Kelani Valley Plantations followed by Chevron Lubricants and Agalawatte Plantations.

Three companies Commercial, HNB and Regnis will hold Extraordinary General Meetings (EGMs) soon after their AGMs as well.

In various capital markets some minority shareholders have complained about multiple AGMs at the same time though regulators remain helpless as it is the prerogative of the companies.

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