Karachi: Sitara Chemical Industries Limited convened its Annual General Meeting on October 23, 2025, successfully passing a series of resolutions that underline the company's strategic decisions and financial health. The meeting, held both in person and via video link, was conducted pursuant to Rule No. 5.6.9 (b) of the Pakistan Stock Exchange Rule Book, with resolutions reflecting the company’s future plans and shareholder interests.
During the ordinary business proceedings, the shareholders approved the annual audited financial statements for the fiscal year ending June 30, 2025. This approval, supported by the Directors' and Auditors' Reports, provides a clear financial overview and accountability for the company’s operations over the past year.
A significant outcome of the meeting was the approval of a final cash dividend of Rs.11 per share, equivalent to 110%. This decision, as recommended by the board of directors, signals a very large or significant move and reflects the company’s strong financial performance and commitment to rewarding its shareholders.
Another critical resolution was the appointment of M/s. Yousuf Adil, Chartered Accountants, as the external auditors for the fiscal year 2025-26. The board was authorized to fix the remuneration for these services, ensuring the continuation of transparent and thorough financial auditing practices.
The meeting also addressed special business, particularly the strategic decision to sell the company's freehold agricultural land located near Faisalabad. The shareholders granted consent for this sale, with the proceeds earmarked for loan repayment and potential establishment of alternative sources of income. According to information available from the Pakistan Stock Exchange (PSX), the transaction involves 3302 Kanal of land, with the board authorized to negotiate and finalize the sale terms that best serve the company’s and shareholders’ interests.
The board of directors was empowered to oversee the land sale process, including delegating authority to the Chief Executive or other officers as necessary. This step includes conducting negotiations, completing sale agreements, and executing all required legal documents to ensure a seamless transaction.
This strategic realignment, involving the disposition of investment property, exemplifies Sitara Chemical’s focus on optimizing asset utilization and enhancing shareholder value. The resolutions passed during the AGM reflect a proactive approach to financial management and strategic planning within the designated market category of chemical industries.