Islamabad: Biafo Industries Limited held its 36th Annual General Meeting on October 24, 2024, at Islamabad, where several pivotal resolutions were passed, according to information available from the Pakistan Stock Exchange (PSX). The meeting, chaired by Mr. Yasir Salamat, unanimously approved the minutes from the previous year’s meeting, and several significant financial decisions and compliance measures were adopted.
The shareholders approved the Annual Financial Statements for the fiscal year ending June 30, 2024, alongside the Auditors' and Directors' reports. These documents were endorsed on the proposals of Mr. Muhammad Nadeem and Ms. Shirin Safdar, highlighting the company’s continued compliance and robust financial management.
A noteworthy financial resolution was the approval of a substantial final cash dividend of Rs. 2.30 per share (23%) and an interim dividend declared earlier in the year, bringing the total cash dividend for the year to Rs. 4.60 per share or 46%. This decision, proposed by Mr. M. Afzal Khan and seconded by Mr. M. Zafar Khan, underscores Biafo’s commitment to delivering shareholder value.
Moreover, the appointment of M/s Yousuf Adil Chartered Accountants as the external auditors for the fiscal year 2024-25 was confirmed, with their remuneration set by the Board of Directors. This move ensures that Biafo Industries continues to meet its auditing standards and financial transparency requirements.
The meeting also addressed the compliance with the digital communication requirements under section 223(6) of the Companies Act, 2017. It was resolved that the Audited Financial Statements and notices of general meetings would be sent via email to shareholders, or made available through a QR code and weblink, ensuring timely and secure access to critical corporate information.
In closing, the Chief Executive Officer and Company Secretary were empowered to perform all necessary actions to uphold and implement the resolutions passed, indicating proactive governance and operational readiness.