Karachi: Hafiz Limited, a prominent player in its designated market category, convened its 75th Annual General Meeting on October 22, 2026, at its registered office in Karachi. The meeting, marked by the presence of the company's board members, resulted in the approval of several significant resolutions.
The meeting commenced with a recitation of the Holy Quran by Mr. Hafiz Muhammad Zia Ur Rehman Malik. The directors in attendance included Mr. Muhammad Farooq Usmani, Chairman and Director, and Mr. Fakhruddin Usmani, CEO and Executive Director, among others.
One of the key resolutions passed involved the confirmation of minutes from the previous Annual General Meeting held on October 23, 2025. The members unanimously approved these minutes, ensuring continuity in the company's governance.
Another critical resolution was the adoption of the Annual Audited Accounts for the fiscal year ending June 30, 2026. The financial statements, along with the Directors' and Auditors' Reports, were received and accepted by the board, signaling a comprehensive review of the company's financial health.
The shareholders also approved a cash dividend of 30%, equivalent to Rs.3 per share, for those holding shares as of October 14, 2026. This move reflects the company's commitment to delivering value to its investors.
Auditor M/s Mazars M.F. & Co., Chartered Accountants, based in Karachi, was reappointed for the fiscal year ending June 30, 2027, with no change in their remuneration. This decision underscores the company's trust in the auditor's capabilities and services.
Moreover, the meeting addressed the remuneration of key executives. The board fixed the remuneration for Mr. Fakhruddin Usmani at Rs 200,000 per month and Mr. Quamruddin Osmani at Rs 175,000 per month, inclusive of utilities and allowances, effective from July 1, 2026.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions align with regulatory compliance and corporate governance standards, ensuring transparency and accountability in Hafiz Limited's operations.
The meeting concluded with an open floor for any other business, reflecting a spirit of inclusivity and responsiveness to shareholder concerns.