Karachi: Cherat Packaging Limited convened its 37th Annual General Meeting on October 8, 2026, where several key resolutions were approved by the company's members. The meeting, a significant event in the designated market category for packaging, was held in accordance with the Clause 5.6.9.(b) of the Rule Book of Pakistan Stock Exchange.
During the meeting, members approved the Annual Audited Financial Statements for the year ending June 30, 2026, along with the Directors' and Auditors' Reports. This marks a critical step in ensuring financial transparency and accountability for the company.
The shareholders also declared a final cash dividend of 30%, equivalent to Rs. 3.00 per share. This is in addition to an interim cash dividend of 10%, or Re. 1.00 per share, previously distributed. The resolution aligns with the recommendations made by the Board of Directors for the fiscal year ended June 30, 2026.
In another significant development, Grant Thornton Anjum Rahman Chartered Accountants were re-appointed as the company's auditors. Their term will conclude at the next Annual General Meeting, ensuring continuity in the company's auditing process.
A notable outcome of the meeting was the election of nine directors for a new three-year term starting October 24, 2026. The elected directors are Mr. Akbarali Pesnani, Mr. Amer Faruque, Mr. Aslam Faruque, Mr. Shehryar Faruque, Mr. Arif Faruque, Mr. Abid Vazir, Mr. Sher Afzal Khan Mazari, Ms. Maleeha Humayun Bangash, and Mr. Muhammad Abdul Samie Cashmiri. This election represents a strategic decision to guide the company's future direction.
Moreover, a special resolution was passed to ratify and approve transactions with related parties and associated companies, as disclosed in Note 35 of the Financial Statements for the year ending June 30, 2026. Additionally, the Board of Directors has been authorized to approve all related transactions in the normal course of business for the ensuing year ending June 30, 2027.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions passed in this meeting are pivotal for the company's operational and financial strategies. These decisions are expected to impact the company's standing in the market significantly.
The meeting concluded with a focus on maintaining robust governance practices and enhancing shareholder value through strategic financial decisions and leadership appointments.