Karachi: Pakistan Paper Products Ltd successfully concluded its 62nd Annual General Meeting (AGM) on October 24, 2024, via a hybrid mode at their registered office and through video conferencing. The meeting marked significant approvals by the shareholders, aligning with the company's growth and compliance strategies.
On October 24, 2024, the shareholders of Pakistan Paper Products Ltd gathered to deliberate on several key agenda items during their 62nd Annual General Meeting. The session opened with the approval of minutes from the previous AGM held on October 26, 2023, ensuring continuity and adherence to corporate governance norms.
According to information available from the Pakistan Stock Exchange (PSX), the focal point of the AGM was the adoption of the Annual Audited Accounts for the fiscal year ended June 30, 2024. This included the Chairman’s Review, Directors’ Report, and Auditors’ Report, which highlighted the company's performance and strategic direction. Additionally, the meeting addressed the approval of related party transactions, affirming the company's commitment to transparency and regulatory compliance.
A key resolution passed at the meeting was the approval of a final cash dividend of 40% per ordinary share (Rs.4.00 per share of Rs.10 each). This was in addition to an interim dividend of 35% (Rs.3.50 per share), culminating in a total annual dividend of 75% (Rs.7.50 per share) for the fiscal year. This decision reflects the company's robust financial health and its dedication to rewarding its shareholders.
Furthermore, the shareholders ratified the reappointment of Faruq Ali and Co. Chartered Accountants as the company’s auditors for the fiscal year ending June 30, 2025. The board of directors received authorization to fix the auditors' remuneration, ensuring the maintenance of a strong accountability framework.
The AGM serves as a testament to Pakistan Paper Products Ltd’s resilience and proactive approach in navigating the corporate landscape, promising sustained growth and shareholder value enhancement. The resolutions adopted during this meeting not only comply with the regulatory frameworks but also pave the way for future financial stability and expansion.