Multan: The Thal Industries Corporation Limited (TICL) announced that all agenda items were successfully approved during its 71st Annual General Meeting (AGM) held on January 27, 2025, at its registered office in Multan and via electronic platforms such as Zoom.
The AGM commenced with the confirmation of the minutes from the Extraordinary General Meeting held on September 27, 2024. Shareholders adopted the Annual Audited Financial Statements for the fiscal year ending September 30, 2024, along with the accompanying Auditors' and Board of Directors' reports. A final cash dividend of Rs. 2.50 per share, equating to a 25% payout, was approved for the year ending September 30, 2024, as recommended by the Board on December 24, 2024. Additionally, M/s. Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants, were re-appointed as auditors for the financial year 2025.
Significant resolutions under special business were also passed using electronic and postal voting methods. The shareholders ratified and approved transactions conducted with related parties up to September 30, 2024. These transactions included sales to Naubahar Bottling Company (Pvt.) Limited amounting to 5.26 billion PKR, and Airnoiz Industries Limited amounting to 442.16 million PKR. Purchases from Baba Farid Sugar Mills Limited and Airnoiz Industries Limited amounted to 15.00 million PKR and 143.13 million PKR respectively.
According to information available from the Pakistan Stock Exchange (PSX), the Chief Executive Officer of TICL, or a designated nominee, has been authorized to approve similar transactions until the next AGM. This authorization includes executing necessary documents and fulfilling legal and regulatory formalities to ensure seamless operations.
No other business was conducted during the meeting, and TRE Certificate Holders of the Exchange have been duly informed. The meeting's agenda reflects TICL's commitment to maintaining transparent corporate governance and strategic alignment with its shareholder interests within the designated market category.