Karooooo Ltd. (NASDAQ:KARO), a prepackaged software services company, has disclosed the results of its Annual General Meeting (AGM) in a report filed with the U.S. Securities and Exchange Commission on Thursday. The Singapore-based firm, operating under the name 06 Technology, held its AGM on the same day, in accordance with SEC regulations.
The report, submitted under Form 6-K, indicates that all resolutions put forward at the AGM were duly passed. However, the specific details of the resolutions and the voting outcomes were not provided in the provided excerpt of the filing.
Karooooo Ltd., formerly known as Karooooo Pte. Ltd. and prior to that as Karoo Pte. Ltd., has undergone name changes in the past, with the most recent change occurring on November 16, 2020. The company is incorporated in an unspecified location with the designation "U0" and has its fiscal year-end on February 28.
In other recent news, Karooooo Ltd. has been making significant strides in its financial performance and growth plans. The company's CEO, Isaias Jose Calisto, recently initiated a secondary public offering of shares with the goal of raising $75 million in gross proceeds. The offering is managed by UBS Investment Bank and William Blair, along with Raymond James and Standard Bank. This development follows Karooooo's strong Q1 financial results for fiscal year 2025, with total subscription revenue reaching ZAR 964 million and operating profits reported at ZAR 300 million.
Karooooo's subsidiary, Cartrack, has contributed significantly to these results, experiencing a 17% growth in subscribers and a 15% increase in subscription revenue, totaling ZAR 960 million. The company also announced a cash dividend of US$33.4 million, to be paid later this year. With a robust cash position of ZAR 950 million, Karooooo plans to continue its expansion in South Africa, Asia, the Middle East, the USA, and Europe. These developments highlight Karooooo's commitment to its FY '25 outlook and plans for growth. The company's recent performance in customer acquisition and subscriber growth, particularly in Cartrack, are indicative of its growth potential.
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