Karachi: AGP Limited convened its 11th Annual General Meeting of shareholders on April 10, 2025, at the Ramada Karachi Creek and via video link, where significant resolutions concerning the company's financial and operational strategies were passed.

The meeting commenced with the confirmation of minutes from the 6th Extraordinary General Meeting held on July 9, 2024. Shareholders approved the minutes, reflecting the company's commitment to maintaining accurate and transparent records of its proceedings.

One of the key resolutions passed was the approval of the company's standalone and consolidated financial statements for the fiscal year ending December 31, 2024. These statements, accompanied by the Chairman's Review Report, Directors' Report, and Auditors' Report, were ratified by the shareholders, signifying consensus on the financial health and reporting standards of AGP Limited.

The reappointment of M/s. Grant Thornton Anjum Rehman Chartered Accountants as external auditors for the year ending December 31, 2025, was another focal point of the meeting. The decision to retain the services of the existing auditors was made with the understanding that the fee would be mutually agreed upon with the management.

A resolution to distribute a final cash dividend of PKR 4.0 per share, equating to 40%, for the year ended December 31, 2024, was approved. This dividend will be disbursed to members whose names were registered in the company’s records as of the close of business on April 2, 2025.

Additionally, AGP Limited authorized the renewal of short-term funded and unfunded financing facilities with its associated companies, OBS AGP (Private) Limited and OBS Pakistan (Private) Limited. Each facility is capped at PKR 500 million, allowing the company and its affiliates to address potential excess debt demands and funding shortfalls. The resolution empowers the Chief Executive Officer, in conjunction with the Chief Financial Officer or Company Secretary, to execute all necessary actions to implement this decision.

According to information available from the Pakistan Stock Exchange (PSX), AGP Limited operates within the designated market category of the healthcare and pharmaceutical sector. The resolutions passed during the meeting underscore the company's strategic financial management and its ongoing efforts to support the operational needs of its associated entities.