Karachi: At its 73rd Annual General Meeting held on October 25, 2024, Pakistan Petroleum Limited (PPL) announced the approval of key resolutions, including the adoption of financial statements, a final cash dividend, and the appointment of new auditors. The meeting, conducted in Karachi, witnessed unanimous approval of all the proposed resolutions by the shareholders.
According to the resolutions passed, the shareholders approved the audited unconsolidated and consolidated financial statements for the year ending June 30, 2024. The financial statements were adopted alongside the accompanying reports from the company's directors and auditors. This approval marks a significant step in affirming the company's financial health and accountability.
In a move aimed at rewarding its shareholders, PPL declared a final cash dividend of Rs. 2.50 per share, equivalent to 25 percent, on ordinary shares for the financial year ending June 30, 2024. This decision, initially recommended by the Board of Directors during their meeting on September 20, 2024, received full endorsement from the attendees at the annual gathering.
Additionally, the appointment of Messrs. KPMG Taseer Hadi and Co. as the company's auditors for the financial year 2024-25 was confirmed. The auditors are set to hold office until the next Annual General Meeting, with their services secured at a fee of Rs 12.94 million. This appointment underscores PPL's commitment to maintaining rigorous financial oversight and transparency.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions were passed in accordance with Rule 5.6.9 (b) of the PSX Rules. The certified copy of the resolutions further affirms the procedural adherence and the strategic decisions taken by PPL to bolster its operational and financial framework.
The resolutions passed during the meeting are poised to impact the company's financial structure and shareholder engagement positively, marking a pivotal moment in PPL's corporate governance and financial planning.