Lahore: At the 14th Annual General Meeting of Mughal Energy Limited, held on October 22, 2026, several key resolutions were adopted, including a significant increase in the company's authorized capital. The meeting took place at Avari Hotel, Lahore, with members approving resolutions concerning both ordinary and special business matters.
During the session, the company presented its audited financial statements for the fiscal year ended June 30, 2026. The financial statements, along with the Chairman's Review Report, Directors' Report, and Auditor's Reports, received unanimous approval from the members.
The appointment of M/s. Muniff Ziauddin & Company, Chartered Accountants, as the statutory auditors for the term 2026-2027 was confirmed. The audit fee was set at Rs. 551,250, with additional charges for half-yearly review and other certifications.
In special business, a resolution was passed to obtain a Rs. 500 million advance/running finance facility and a Rs. 3 billion corporate guarantee facility from Mughal Iron & Steel Industries Limited, the holding company. The members authorized the directors and company secretary to execute necessary agreements and actions to implement these resolutions.
A critical development was the approval to increase Mughal Energy's authorized capital from Rs. 2.50 billion to Rs. 4.50 billion. This adjustment involves expanding ordinary shares to 400 million, while Series-A Preference and Class B shares remain unchanged. The alteration in the Memorandum and Articles of Association was sanctioned to reflect this capital increase.
Moreover, members ratified transactions conducted with related parties during the fiscal year ended June 30, 2026, and authorized future related party transactions for the year ending June 30, 2027, subject to the approval of the Board Audit Committee and Board of Directors.
According to information available from the Pakistan Stock Exchange (PSX), Mughal Energy Limited operates within the designated market category of the energy sector. The resolutions passed during the AGM underscore the company's strategic initiatives to enhance its operational and financial framework.