Lahore: Resolutions regarding the approval of audited financial statements and a final cash dividend were passed at the 20th Annual General Meeting (AGM) of Descon Oxychem Ltd, which took place on October 16, 2024, at the company's registered office.

The meeting commenced with the confirmation of the minutes from the last AGM held on October 18, 2023. The minutes were approved and authorized to be signed by the Chairman as a token of approval from the meeting's participants.

In a significant financial decision, the shareholders adopted the audited financial statements for the fiscal year that ended on June 30, 2024, along with the auditors' and directors' reports. These documents had been previously circulated among the members for review.

Following the financial approvals, the AGM addressed the appointment of the company’s external auditors for the fiscal year ending June 30, 2025. The shareholders were informed that the company’s current auditors, M/s Crowe Hussain Chaudhury and Co., Chartered Accountants, had retired but were eligible and willing to be re-appointed. The resolution to reappoint them was passed without any objections from the shareholders.

One of the highlights of the meeting was the unanimous approval of a final cash dividend at a rate of 20.00% or PKR 2.00 per ordinary share for the fiscal year that ended on June 30, 2024. The record date for the dividend was set as October 9, 2024. The company secretary was authorized to complete all necessary steps and fulfill legal, corporate, and procedural formalities regarding the dividend payment.

According to information available from the Pakistan Stock Exchange (PSX), these resolutions reflect the company's compliance with local regulations and its commitment to maintaining transparent and responsible financial practices.

The AGM concluded with the board addressing any additional questions from the shareholders, ensuring that all participants were well-informed about the company’s financial health and future plans.