Karachi: The shareholders of Macter International Limited convened for their Annual General Meeting on October 28, 2026, where several pivotal resolutions were passed to shape the company's future direction and governance.
During the meeting, the members adopted the audited consolidated and unconsolidated financial statements for the year ending June 30, 2026, alongside the auditors' and directors' reports, marking a significant step in maintaining transparency and accountability.
In another key decision, M/s. A. F. Ferguson & Co., Chartered Accountants, were appointed as the company's auditors for the fiscal year ending June 30, 2027. The company's Chief Executive Officer and Chief Financial Officer received authorization to negotiate and finalize the remuneration for the audit services.
Elections were held under the Companies Act, 2017, resulting in the unopposed election of the following directors for a three-year term: Mr. Amanullah Kassim, Mr. Asif Misbah, Mr. Swaleh Misbah Khan, Sheikh Muhammed Waseem, Sheikh Perwez Ahmed, Mr. Ahmer Hasan, Mr. Jawwad Ahmed Farid, Mr. Muhammad Ather Sultan, and Ms. Nusrat Munshi.
A special resolution was passed to subdivide the company's shares, reducing the face value of each ordinary share from Rupees Ten to Rupees Two. Consequently, 65,000,000 ordinary shares of Rs. 10 each were subdivided into 325,000,000 ordinary shares of Rs. 2 each, impacting the Authorized Share Capital and Issued, Subscribed, and Paid-up Share Capital, which now stands at 229,055,090 ordinary shares of Rs. 2 each.
The capital structure of the company, as stated in its Memorandum and Articles of Association, has been updated to reflect the new share subdivision, with the authorized capital now comprising Rs. 650,000,000 divided into 325,000,000 shares of Rs. 2 each.
The company's leadership, including the Chief Executive Officer, directors, and company secretary, were granted the authority to undertake all necessary actions to implement the resolutions, such as filing requisite documents with the Securities and Exchange Commission of Pakistan and other relevant bodies.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions represent strategic steps for Macter International Limited in optimizing its capital structure and reinforcing its governance framework, amid an evolving market landscape.
These decisions underline the company's commitment to aligning with regulatory requirements and enhancing shareholder value through strategic governance and financial oversight.