Karachi: The 78th Annual General Meeting of International Industries Limited concluded with the approval of several significant resolutions. Held on October 7, 2026, the meeting saw shareholders approving the financial statements, declaring dividends, appointing auditors, and making strategic decisions regarding company investments.
International Industries Limited's shareholders endorsed the audited annual financial statements for the fiscal year ending June 30, 2026. This approval included both unconsolidated and consolidated statements along with the accompanying Directors' and Auditors' Reports. The financial statements are a critical component in evaluating the company’s fiscal health and operational performance over the past year.
Among the resolutions, a notable decision was the approval of a 50% final cash dividend, amounting to Rs 5.00 per share, for the fiscal year ended June 30, 2026. This dividend reflects the company’s commitment to returning value to its shareholders and was recommended by the Board of Directors.
The AGM also saw the appointment of M/s A. F. Ferguson & Co., a member firm of the PwC network, as the external auditors for the upcoming fiscal year. This appointment, effective until the conclusion of the 79th Annual General Meeting, will include auditing both unconsolidated and consolidated financial statements for the year ending June 30, 2027. Fees for this service are to be mutually agreed upon, inclusive of any applicable taxes and reimbursement of out-of-pocket expenses.
Additionally, shareholders granted approval for Mr. Zain K. Chinoy to hold an office of profit within the company. As an elected Director and full-time employee, Mr. Chinoy will continue to serve as Executive Director, receiving remuneration in accordance with his service contract and company rules.
A strategic business decision was also approved regarding the disposal of investment in an associated company. International Industries Limited is authorized to accept a buy-back offer from Chinoy Engineering & Construction (Private) Limited for 4,845,000 ordinary shares, representing a 17% shareholding in the company. This move aligns with compliance to all applicable laws and regulations.
According to information available from the Pakistan Stock Exchange (PSX), these developments at International Industries Limited are poised to influence market perceptions and shareholder value. The decisions reflect a strategic alignment with the company’s long-term goals and market positioning within the designated market category.