Karachi, Panther Tyres Limited, a leading player in the automotive industry, announced significant decisions following its board of directors' meeting held on August 10, 2023, at the company's registered office. The meeting yielded important outcomes, including the approval of the audited financial statements for the year ended June 30, 2023, and recommendations for dividend distribution and the upcoming Annual General Meeting (AGM).
Panther Tyres Limited has recommended a 20% cash dividend for the financial year that concluded on June 30, 2023. This translates to Rupees 2/- per share, reflecting the company's robust financial performance during the year. The proposed dividend will benefit shareholders whose names are listed in the company's books on September 19, 2023. However, the dividend's final approval rests with shareholders, who will consider it during the upcoming AGM.
The company's financial results, as attached in Annexure-A, underline its strong performance and growth trajectory. Panther Tyres Limited's financials for the year ended June 30, 2023, depict increased revenue from contracts with customers, as well as improvements in gross profit, operating profits, and other comprehensive income.
The company has set a date for its Annual General Meeting (AGM), which is scheduled to take place on Tuesday, September 26, 2023, at 01:30 p.m. The AGM will be hosted in Lahore and aims to engage members and shareholders in discussing the company's performance, future plans, and strategic initiatives.
In line with AGM preparations, Panther Tyres Limited has announced that the Share transfer books will be closed from September 20, 2023, to September 26, 2023 (inclusive). This timeframe encompasses both the AGM and the entitlement of the final cash dividend. Shareholders seeking to participate in the AGM are encouraged to ensure their names are included in the register of members on September 19, 2023.
Furthermore, the company is committed to ensuring transparency and accessibility for its shareholders. Panther Tyres Limited will transmit its Annual Report through the Pakistan Ultimate Corporate Access Reporting System (PUCARS) at least 21 days before the AGM. Additionally, hard copies of the annual reports will be sent to the exchange as prescribed, allowing stakeholders to have comprehensive insights into the company's performance and strategic direction.
As Panther Tyres Limited positions itself for continued growth and development, its commitment to shareholders' value and engagement remains a top priority. The upcoming AGM will provide a platform for stakeholders to discuss the company's achievements, future strategies, and industry trends.