Karachi: Adam Sugar Mills Ltd held its 60th Annual General Meeting on January 27, 2026, at the Art Council of Pakistan, Karachi, where several key resolutions were approved by the shareholders for the fiscal year ending September 30, 2025.
The meeting, convened at 11:00 a.m., confirmed the minutes from the previous AGM held on January 28, 2025. Shareholders approved the Directors’ Report and the Audited Accounts for the year ending September 30, 2025. A significant decision was the approval of a 40% final cash dividend, equating to PKR 4 per share, to be distributed to shareholders.
The reappointment of M/s. Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants, as auditors for the fiscal year ending September 30, 2025, was confirmed with remuneration to be determined by the Chief Executive. The election of seven directors for a three-year term was completed, with Mr. Ghulam Ahmed Adam and Mr. Junaid G. Adam assuming the roles of Chief Executive and Chairman, respectively.
According to information available from the Pakistan Stock Exchange (PSX), the composition of the Board of Directors includes Mr. Junaid G. Adam as the non-executive Chairman and Mrs. Humera Diwan as a non-executive director. Executive directors are Mr. Ghulam Ahmed Adam and Mr. Omar G. Adam, while the independent directors are Mr. Saleem Parekh and Mr. Faraz Younus Bandukda. Ms. Sarah Adam serves as the female director.
In terms of related party transactions, the AGM approved several dealings with Adam Lubricants Limited. Purchases amounting to PKR 7,647,770 were made during the year, with payments totaling PKR 8,167,642. A loan of PKR 2.93 billion was received from Adam Lubricants Limited, and PKR 3.02 billion was repaid. The year-end balances show a payable against purchase of PKR 1,010,771 and a short-term loan payable of PKR 744.84 million.
Mr. Ghulam Ahmed Adam’s financial dealings included a short-term loan payable of PKR 32,164,394 and a subordinated loan payable of PKR 24,959,713. Additionally, guarantees provided to banks against financing on behalf of the company amounted to PKR 4.25 billion.