Karachi: Shareholders of Javedan Corporation Limited convened for the company's 64th Annual General Meeting on October 17, 2026, where they ratified several significant resolutions, including the approval of financial statements and the authorization of dividends. The meeting also addressed various special business matters.
The first order of business was the confirmation of the minutes from the previous year's meeting, held on October 18, 2025, which were unanimously approved. Subsequently, the shareholders adopted the company's annual audited financial statements, both unconsolidated and consolidated, for the fiscal year ending June 30, 2026.
Among the key resolutions was the approval of a final cash dividend of 60%, translating to PKR 6 per ordinary share, and a 12% dividend for preference shareholders. This decision was made in accordance with the recommendations of the Board of Directors, resulting in a total dividend payout of approximately PKR 2.29 billion.
The appointment of auditors for the next fiscal year was also confirmed, with M/s. Reanda Haroon Zakaria Aamir Salman Rizwan & Co., Chartered Accountants, and M/s. Yousuf Adil & Co., Chartered Accountants, being selected. Their remuneration will be determined by the Board of Directors.
In special business, the meeting authorized the sale or disposal of the wholly-owned subsidiary, Sapphire Bay Development Company Limited, in line with the provisions outlined in the Companies Act, 2017. The resolution empowers the CEO and a director to oversee the transaction details, ensuring it aligns with the company's best interests.
Furthermore, shareholders ratified related party transactions for the year ended June 30, 2026, and authorized the Board to approve such transactions for the upcoming financial year, subject to shareholder ratification.
The meeting also saw approval for investment limits in associated companies and undertakings. This included unutilized equity portions and sanctioned loans, with significant figures such as a PKR 5.90 billion equity renewal for Sapphire Bay Islamic Development REIT and a PKR 3 billion renewal for associated loans.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions reflect the company's strategic priorities and financial health. The decisions taken are expected to have a moderate impact on shareholder value and the company's market position.
The meeting concluded with authorization for the Chief Executive and directors to execute necessary actions for these resolutions, ensuring compliance with applicable regulations.