Lahore: Shareholders of Ghani Global Holdings Limited (GGL) assembled for the company's 19th Annual General Meeting on October 27, 2026, to review and approve key resolutions that would shape the company's direction for the upcoming year. The meeting, held at the company's headquarters in Lahore, saw the unanimous approval of several critical agenda items.
The shareholders first addressed the ordinary business of adopting the company's Annual Audited Financial Statements for the fiscal year ending June 30, 2026. The financial documents, which included the Directors' and Auditors' Reports, were reviewed and approved unanimously. The approval marks a key financial checkpoint for Ghani Global Glass Limited, the subsidiary of GGL.
Attention then turned to the appointment of auditors for the upcoming fiscal year. The shareholders approved the re-appointment of M/s Shine Wing Hameed Chaudhri & Company, Chartered Accountant, as the auditors for the company. Their tenure will extend until the conclusion of the next annual general meeting scheduled for the year ending June 30, 2027. The remuneration for their services will be fixed by the Chief Executive Officer of GGL.
The meeting proceeded to the election of seven directors for a three-year term commencing on October 31, 2026. The directors elected include Mr. Masroor Ahmad Khan, Mr. Atique Ahmad Khan, Mr. Umar Ahmad, Mrs. Saira Farooq, Mr. Muhammad Hanif, Hafiz Imran Lateef (Independent Director), and Syeda Noor Ul Ain Ali (Independent Director). This election follows the provisions of Section 159(1) of the Companies Act, 2017.
In a significant move, the shareholders also discussed the proposal for the distribution of LoRs (Letters of Right) from GGL's holding in Ghani Chemical Industries Limited (GCIL). The entitlement will be proportionate to shareholders' existing stakes as per an entitlement date to be determined. A tentative distribution ratio of 16.1247 LoRs for every 100 eligible ordinary shares of the company was proposed.
The board has been authorized to manage the intricacies of this distribution, including addressing fractional entitlements and ensuring compliance with all relevant legal and regulatory requirements. The shareholders also empowered the board to handle any unforeseen legal or procedural challenges that might prevent the proposed distribution.
According to information available from the Pakistan Stock Exchange (PSX), GGL holds approximately 279.91 million ordinary shares in GCIL. The rights issue will necessitate an approximate fund requirement of PKR 571.01 million for full subscription, translating into a tentative 20.40% rights ratio.
The meeting concluded with a mandate to the board to execute all necessary actions to implement these resolutions, including engaging with regulatory bodies and managing the distribution of LoRs. This strategic maneuver aims to optimize shareholder value and align with GGL's long-term business objectives.