Financial Information

You are here: Home / Financial Information

Investors Menu

BHW

Letter to the Shareholders

Dear Shareholders,

I feel honored with the opportunity to address our Shareholders in the first annual report of now a public limited Avanceon that found its very humble beginning 24 years ago. Going public in November 2014 marked a great milestone in our Company’s history, and our goal is to continue achieving significant milestones to increase value for our shareholders. I still hear the Karachi Stock Exchange gong ringing in my ears from the first day of trading, a reminder of the promises we made as part of Highway 50 and our commitments to investors. Hence, a mental note is made to continue upholding Avanceon’s values.

Stock Information

Avanceon Ltd’s common share are trade on the Pakistan Stock Exchange with the symbol AVN [PSX:AVN]

Governance

Avanceon’s Corporate Governance provides the structural framework of the organisation.

Board of Directors

The Board of Directors monitors how management serves the interests of the shareholders and other stakeholders.


Avanceon Press Release



Stock Information

Stock Information

Avanceon Limited’s common shares are traded on the Pakistan Stock Exchange under the symbol: AVN [PSX: AVN]. Registered shareholders receive financial reports including: annual reports, quarterly reports and proxy statements sent or via the website when they become available.

Contact

Share Registrar

THK Associated [Private] Limited
2nd Floor State Life Building-3 Dr. Ziauddin Ahmed Rod, Karachi 75530 Sindh
Pakistan.

Phone: +92(21) 111 000 322  |  Fax: +92(21) 356 555 95  |  Email: secretariat@thk.com.pk

 Registered Office

Avanceon Limited
The Avanceon Building
19-km, Main Multan Road, Lahore 54660 Punjab  Pakistan.

Phone: +92(42)111 940 940  |  Fax: +92(42) 375 151 28  | Email: support.sea@avanceon.ae

Board of Directors

Board Independence

The Board comprises 7 [seven] directors. In terms of strict independence 5 [five] out of 7 [seven] directors are fully independent.To ensure that the Board is independent and fully informed about corporate strategy and risks, Avanceon has adopted corporate governance policy in November 2012.

Khalid H. Wain – Chairman of the Board

Khalid brings over 38 years of international expertise in electrical engineering, cost engineering, project management and business strategy to the Avanceon Board of Directors. Khalid advises on international business and technology.

Naveed Ali Baig  – Director

Naveed brings over 29 years of international business acumen to the Avanceon Board of Directors. He is currently spearheading the success of Innovative Pvt through sound employee-centric management, as Chief Executive Officer. Prior, he worked for multi-nationals including Gallup International and Ferguson Associates. Navid advises on leadership and operations.

Tajammal Hussain – Director

Tajammal brings over 25 years of international accounting and finance acumen to the Avanceon Board of Directors. Chartered Accountant at Fakharuddin Yousafali & Co since 1989, he oversees and maintains high quality outsourcing, financial and accounting services to a wide variety of global and local commercial entreprises. Tajammal advises Avanceon Board of Directors on risk management and financial strategy.

Umar Ahsan Khan – Director

Umar brings over 25 years of strategic accounting, finance and business management experience to the Avanceon Board of Directors. He currently holds the position of Chief Operating Officer at Thal Engineering, the leading auto parts manufacturing company in Pakistan. Umar advises Avanceon Board of Directors on strategy and hands on perspective of business and financial management.

Amir W. Wain – Director

Amir brings over 25 years of strategic planning & international business development experience to the board. Amir is the founder and CEO of i2c Inc, a global provider of payment processing and emerging commerce solutions serving consumers in all 24 time zones. Amir leads a team of over 400 professional and is responsible for defining i2c’s vision and strategic direction.

Tanveer Karamat – Director and Chief Operating Officer

Tanveer brings over 28 years of international business experience to Avanceon in automation solutions for the Oil & Gas and Power sector. Prior joining Avanceon in 2003, he spearheaded business at Wartsila NSD and Honeywell as country head. He currently holds the position of COO at Avanceon since 2011.

Bakhtiar H. Wain – Director and Chief Executive Officer

Bakhtiar brings over 28 years of exemplary leadership. An engineer with experience in leading global companies including: Exxon Chemicals, Fauji Fertilizer and ICI Ltd, he founded Avanceon in 1984 and holds the position of Chief Executive Officer Today.

Directors

The Board of Directors at Avanceon monitors how management serves the interests of the shareholders and other stakeholders.

Corporate Governance

Corporate Governance

At Avanceon, the corporate governance is a system of structures and processes for the direction and control of the organisation. It is a process through which balance of duties and responsibilities between shareholders management and the board are defined, enabling an organization to maintain the right balance of power and accountability whilst striving to achieve its objective of enhancing shareholder value.

Composition of the Board and Directors Independence

In line with good governance practice, the Chairman of the Board is a non-executive director representing minority interest. The Board comprises of 7 directors out of which 5 are non-executive directors, including 3 representing minority interests. The roles of the Chairman and CEO have been clearly defined and segregated. The CEO is responsible for operations of the Company whereas the board under the Chairman performs oversight responsibilities.

Performance Evaluation of the Board

In order to orient the key management personnel of the corporate governance concepts and best practices, the Company conducted two workshops where different moderators covered varied topics on corporate governance: the role, importance and structure of the Board, strategic planning through various models and matrices analysis, succession planning, risk management and internal controls.

Management Initiative on Corporate Governance

The board has set the following broad criteria for evaluation of its performance, being the trustee of the shareholders.

  • Review of the business risks, strategic plans, significant policies financial structure, monitoring and approval.
  • Monitor Company’s performance against the planned objectives and advise management on strategic initiatives
  • Ensuring maximum attendance at board meetings to enhance the quality of decision making as well as effective discharge of its roles and responsibilities
  • Compliance with the applicable laws and regulations including the Memorandum and Articles of Association of the Company
  • Ensuring orientation of the Board of Directors including new appointments so that each member is fully aware of his/her role and responsibilities
  • Establishing adequate internal control system in the Company and its regular assessment through internal audit activities

Ethics

Ethics are an integral part of the culture at Avanceon and guide the behavior and conduct of all employees enabling them to meet objectives efficiently, transparently and fairly. There is a comprehensive well-structured ethics program, based on a code of conduct, which has been approved by the Board and its applicable to all employees.

The ethics program includes:

  • Code of ethics
  • Training for employees
  • Means of communicating
  • Mechanism to report wrongdoing
  • System for detection and conducting inquiries
  • Taking corrective action

Business Conduct

Business conduct for Avanceon is defined by five key commitments: Ethics, Ownership, Customer Delight, Continuous Improvement and Community care, which need to be translated across all its communications.

The company believes in being ethically unyielding and honest in the way we carry out business in a pro-active and sustainable way.

Ownership is acting with stewardship to build a better, stronger and more dynamic anticipated visionary organization.

Believing in customer delight is translated in Avanceon’s effort to always anticipating customer needs, and being responsive to deliver the best value internally and externally with innovation.

Function Specific Codes

The code of ethics is supplemented by various function specific codes, which include:

  • Financial code of ethics – This code defines the acts and omissions to be followed by senior executives especially those responsible for public disclosure and financial information
  • Early warning procedure – The Company has an elaborate whistle blowing policy relative to financial, accounting, internal control and anticorruption matters. Global as well as local channels are defined for employees to communicate their concerns
  • Principles of good promotional practices – The principles define the fundamental promotional rules recommended by the consulting firms
  • Personal data protection charter – This charter outlines Avanceon corporate rules for the collection, processing, use, dissemination, transfer and storage of personal data in order to secure an adequate level of protection within the Avanceon group
  • Code for prevention on insider trading – The codes defines rules for prevention of insider trading with Avanceon
  • Ethical charter for clients – This charter defines the rules applicable to the behavior required from all Avanceon employees who are involved in the business process with clients

Download our Compliance Certificate for the year ended 2016 here
Download our Compliance Certificate for the year ended 2015 here
Download our Compliance Certificate for the year ended 2014 here


Investor's Information

ItemDetails
Symbol of the CompanyAVN
Stock Exchanges PSX: https://www.psx.com.pk/
Status of CompanyMSC-Medium Sized Company
Company Registration NumberCRN: 45130
National Tax NumberNTN: 1534633-1 / STRN: 03-01-9999-532-28
Associated CompaniesInnovative (Pvt.) Ltd www.innovative-pk.com
I2C Inc www.i2cinc.com
Auditor of the CompanyErnst & Young Ford Rhodes Sidat Hyder Chartered Accountants.
legal Advisor of the CompanyChima & Ibrahim advocates and Corporate Council
SECP Complaint Formhttp://www.secp.gov.pk/ComplaintForm1.asp
Last Date on which website was updated.Tuesday, August 23, 2016
JamaPunjiwww.jamapunji.pk

Proxy Form

Proxy Form

Electronic Transmission Consent Form

Dividend Mandate Form

Contact Our Corporate Officer

We are always glad to hear from our valued Investors. You can contact our Corporate Officer through below given online form.

Your Name *
Your Email *
Your Message
captcha


Department of Finance

Finance

The department  focuses on financial planning, activities and reporting  including annual budgets and quarterly forecasts.

Contact Our Corporate Officer

We are always glad to hear from our valued Investors. You can contact our Corporate Officer through below given online form.

Your Name *
Your Email *
Your Message
captcha


Top