Bannu: Bannu Woollen Mills Limited successfully held its 64th Annual General Meeting on October 26, 2024, at its registered office on Bannu, where several key resolutions were passed, strengthening its corporate governance and financial oversight.

The company confirmed the minutes of the previous Extraordinary General Meeting and unanimously adopted the annual audited financial statements for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), these statements were accompanied by comprehensive reports from the Chairman, Directors, and Auditors, ensuring all stakeholders are well-informed of the company’s financial health and operational progress.

Additionally, the shareholders appointed Zakaria Amin Salman Rizwan and Company and Yousuf Adil Chartered Accountants as external auditors for the next fiscal year, with the remuneration to be decided by the board. This step is part of Bannu Woollen Mills’ commitment to maintaining rigorous financial transparency and accountability.

A significant financial decision was the approval of a final cash dividend of PKR 4 per ordinary share, marking a 40% dividend rate for the year, showcasing the company’s strong financial position and its dedication to returning value to its shareholders.

The meeting also addressed several special resolutions related to the company’s ongoing transactions with associated companies and related parties, ensuring these activities are within the regulatory frameworks and approved for the next fiscal year. This includes empowering the Chief Financial Officer to handle necessary actions and sign required documents to facilitate these transactions, reinforcing the operational agility of the company.

The adherence to regulatory requirements and the proactive engagement in corporate governance highlight Bannu Woollen Mills’ strategic approach to ensuring long-term growth and shareholder trust.