Colombo, 31 August 2026 – Office Equipment PLC (CSE: OEQ), a prominent player in the import, distribution, and maintenance of cash and coin handling solutions and time recording systems, has announced its 69th Annual General Meeting (AGM). The meeting is slated to be held on Friday, 25th September 2026, at 10:30 a.m. at the Nondescripts Cricket Club, Committee Room, No 29, Maitland Place, Colombo 7. This announcement follows the release of the company’s Annual Report for the financial year ended 31st March 2026.
The Annual Report, released today, provides shareholders and stakeholders with a comprehensive overview of the company’s financial performance, operational highlights, and corporate governance practices over the past year. The forthcoming AGM will address several key matters, including the review of the financial statements and the re-election of an Executive Director.
Key Agenda Items for the 69th Annual General Meeting
Shareholders attending the 69th AGM will deliberate on the following crucial business:
- To receive and consider the Board of Directors’ Annual Report on the company’s affairs, the Financial Statements for the year ended 31st March 2026, and the Auditors’ Report thereon.
- To re-elect Ms. A.M. De Alwis, Executive Director, who retires by rotation in accordance with Article 84 of the Articles of Association, as a Director of the Company.
- To authorize the Directors to determine donations for the ensuing year.
- To re-appoint Bakertilly Edirisinghe & Company Chartered Accountants as the Auditors of the Company and to authorize the Directors to determine their remuneration.
Financial Performance: A Challenging Year for OEQ PLC
The Chairman’s Review within the Annual Report highlights a challenging period for Office Equipment PLC. The company experienced a decline in both turnover and profitability for the year ended 31st March 2026.
- Company Turnover: Decreased from Rs 45.315 Million in the preceding year to Rs 34.273 Million.
- Group Turnover: Saw a decline from Rs 67.512 Million to Rs 57.604 Million.
- Company Gross Profit: Reduced from Rs 30.720 Million to Rs 25.874 Million.
- Loss Before Tax (Company): Increased significantly from Rs 8.512 Million to Rs 15.931 Million.
- Loss Before Tax (Group): Increased to Rs 15.040 Million, compared to Rs 6.432 Million in the previous year.
Chairman Mr. L. I. Ratnasabapathy attributed this downturn to a general decrease in the capital expenditure budgets of clients, alongside a “watch and wait” sentiment prevailing in the market, influenced by economic policies and the overall situation. Despite the challenges, management is actively implementing measures to boost turnover and profitability, including operational reorganization and expanding the product portfolio through collaborations with existing principals and new overseas vendors.
Corporate Governance and Board Composition
The Annual Report underscores Office Equipment PLC’s commitment to robust corporate governance. The Board of Directors comprises five members, including three Independent Non-Executive Directors: Mr. M.R.Y. Riffai, Ms. D.T. De Alwis, and Mr. J.R.J. Gomez. The company operates several Board sub-committees, including the Audit Committee, Remuneration Committee, Nominations and Governance Committee, and a Related Party Transaction Review Committee, all functioning with Directors possessing the requisite qualifications and experience.
Notably, the company acknowledges its non-compliance with CSE Listing Rule 9.6.1, which stipulates that the Chairperson should be a Non-Executive Director and the positions of Chairperson and CEO should not be held by the same individual. Mr. L. I. Ratnasabapathy serves as both Chairman and Managing Director. To mitigate this, a Senior Independent Director (SID), Mr. M. R. Y. Riffai, has been appointed to provide checks and balances, and ensure fairness to all stakeholders, particularly minority shareholders.
Shareholder Information and Market Performance
As at 31st March 2026, Office Equipment PLC’s shares demonstrated notable market activity. The highest market price per share during the period was Rs 950.00, while the lowest was Rs 295.00. The share price stood at Rs 492.00 at the end of the period. The public holding percentage was 94%, represented by 569 shareholders. However, the company is not in compliance with Rule 7.13.1(i)(a) of the Listing Rules of the Colombo Stock Exchange regarding the minimum number of public shareholders.
Proxy Information for Shareholders
Shareholders unable to attend the AGM in person are entitled to appoint a Proxy to attend and vote on their behalf. A Form of Proxy is enclosed with the Annual Report for this purpose. The completed Form of Proxy must be deposited at the Registered Office of the Company, No 15-2/1, Sir Chittampalam A Gardiner Mawatha, Colombo 2, not less than forty-eight (48) hours before the time fixed for the commencement of the Meeting.
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