Karachi: On October 28, 2024, Sapphire Fibres Limited convened its 45th Annual General Meeting at Karachi. The gathering saw the passage of several critical resolutions guiding the future trajectory of the company.

According to information available from the Pakistan Stock Exchange (PSX), shareholders of Sapphire Fibres Limited confirmed the minutes of the previous year's meeting and adopted the audited financial statements for the fiscal year ended June 30, 2024. These statements, which include consolidated financials along with the Chairman’s review and the Directors' and Auditors' reports, were fully approved and adopted, reflecting a strong endorsement of the company’s financial practices and leadership.

In financial matters, the members approved a substantial final cash dividend of 100%, amounting to Rs. 10 per share. This decision underlines the company’s robust financial health and its commitment to delivering value to its shareholders.

Furthermore, the meeting addressed the appointment of the company’s auditors for the upcoming fiscal year. M/s. Shinewing Hameed Chaudhri and Co., Chartered Accountants, were reappointed as the statutory auditors for the year ending June 30, 2025. The Chief Executive has been authorized to fix their remuneration, ensuring continuity in the company’s financial oversight mechanisms.

The resolutions adopted at this year’s AGM underscore Sapphire Fibres Limited’s ongoing commitment to rigorous corporate governance and shareholder engagement. The meeting’s outcomes are poised to bolster investor confidence and support the company’s strategic growth initiatives in the upcoming year.