Karachi: Pakistan State Oil Company Limited (PSO) convened its 49th Annual General Meeting on October 24, 2025, at the Grand Ballroom, Pearl Continental Hotel, Karachi, with provisions for virtual attendance. The meeting resulted in the unanimous adoption of several key resolutions as outlined in the certified true copy provided by the company.
The meeting, which adhered to clause 5.6.9 (b) of the Pakistan Stock Exchange Rule Book, commenced with the approval of the minutes from the previous year's Annual General Meeting held on October 24, 2024. Shareholders resolved that the minutes were confirmed and adopted without dissent.
A significant item on the agenda was the adoption of the Audited Unconsolidated and Consolidated Financial Statements for the year ended June 30, 2025. The financial statements, audited by M/s. KPMG Taseer Hadi & Co., Chartered Accountants, received approval alongside the accompanying Report to the Shareholders and the Auditors' Report. This approval underscores the company's commitment to transparency and adherence to auditing standards.
Furthermore, the meeting addressed the appointment of external auditors for the upcoming financial year ending June 30, 2026. Shareholders confirmed the Board of Management's decision to appoint M/s. KPMG Taseer Hadi & Co., Chartered Accountants, as external auditors, with remuneration set by the Board. This appointment aligns with the requirements of the Marketing of Petroleum Products (Federal Control) Act, 1974.
In a noteworthy resolution, the shareholders approved a final cash dividend of Rs. 10 per share, translating to a 100% payout for the financial year ending June 30, 2025. This decision, recommended by the Board of Management, reflects the company's financial performance and commitment to delivering shareholder value.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions are significant for stakeholders within the designated market category, reflecting the strategic decisions made by PSO to ensure robust governance and financial prudence. The resolutions passed at this meeting highlight the commitments of PSO's management and Board to maintaining financial stability and accountability to its shareholders.