Faisalabad: J.K. Spinning Mills Limited has announced the upcoming 40th Annual General Meeting, scheduled to take place on October 7, 2026. The meeting will be held at the company's facility located at 29 K.M, Sheikhupura Road, Khurrianwala, Faisalabad, with an option for shareholders to attend via video link.
The agenda for the meeting includes the presentation and adoption of the Annual Audited Accounts, along with reports from the Directors and Auditors for the fiscal year ending June 30, 2026. Additionally, the company will appoint new external auditors for the upcoming year. M/s Baker Tilly Mehmood Idrees Qamar, Chartered Accountants, have been recommended to replace the retiring auditors, M/s Riaz Ahmad and Company.
Shareholders will also vote on a proposed final cash dividend of Rs. 2 per share, equivalent to a 20% return, as recommended by the Board of Directors. This dividend pertains to the year ending June 30, 2026.
According to information available from the Pakistan Stock Exchange (PSX), the company plans to address several special business items during the meeting. A key focus will be the ratification of transactions conducted with related parties for the fiscal year ending June 30, 2026. The Board of Directors, following recommendations from the Audit Committee, has placed these transactions for shareholder approval. Notably, directors with vested interests abstained from related party transaction approvals, adhering to section 207 of the Companies Act, 2017.
The company’s related party dealings include service charges and rental income with J.K. Tech (Private) Limited, where J.K. Spinning Mills Limited holds a 30% shareholding. Additional transactions include payments made on behalf of J.K. Tech, purchases from J.K. Digisol (Private) Limited, and other related party contributions to the Employees' Provident Fund Trust.
In the upcoming AGM, shareholders will also deliberate on authorizing the Board to engage in transactions with associated companies, including J.K. Tech (Pvt.) Limited for up to Rs. 200 million, J.K. Agriculture Farms (Pvt.) Limited for up to Rs. 100 million, and Fine Fabrics (Pvt.) Limited for up to Rs. 350 million for the fiscal year ending June 30, 2027.
The notice of the meeting and its agenda have been prepared for publication in the Business Recorder and Nawa-e-Waqt newspapers on September 16, 2026, ensuring compliance with Clause 5.6.9(b) of the PSX Rule Book.