Lahore: Shareholders of Media Times Limited gathered for the company's 26th Annual General Meeting on October 28, 2026, where they passed several significant resolutions that address both ordinary and special business matters.
Among the ordinary business discussed, shareholders confirmed the minutes of the Extraordinary General Meeting held on June 26, 2026. They also received, considered, and adopted the audited financial statements of the company for the fiscal year ending June 30, 2026, along with the Chairman's Review, and the Directors' and Auditors' reports. Furthermore, M/s Junaidy Shoaib Asad, Chartered Accountants, were appointed as the auditors for the financial year ending June 30, 2027, with authorization given to the Chief Executive to negotiate and fix the auditors' remuneration.
The meeting also addressed special business, where a key resolution was passed to amend the Articles of Association of the company. This amendment includes an enabling clause for the Employee Stock Option Scheme (ESOS), designed to reward and acknowledge the contributions of eligible employees, including executive directors and officers. The entitlement pool for the ESOS is capped at 10% of the enhanced paid capital of the company annually, and 25% at any point in time.
Additionally, the shareholders approved the issuance of 91,442,852 ordinary shares to Sisley Group Company Limited at a price of Rs. 9.00 per share, which reflects a 10% discount against the conversion of a long-term loan. This issuance is subject to compliance with applicable laws and regulatory approvals.
In a significant move, the authorized capital of the company was approved for an increase from Rs. 2.10 billion to Rs. 2.90 billion, facilitating further growth and expansion. According to information available from the Pakistan Stock Exchange (PSX), this decision reflects the company's strategic vision to enhance its market potential.
Furthermore, the shareholders ratified related party transactions for the year ended June 30, 2026, and authorized future transactions for the financial year ending June 30, 2027, ensuring continued financial transparency and compliance.
These resolutions collectively underscore Media Times Limited's ongoing commitment to corporate governance, strategic growth, and employee engagement, with an eye on future market opportunities.