Karachi: Ali Asghar Textile Mills Limited has announced its 60th annual general meeting, scheduled for October 28, 2026, to be held at Plot #6, Sector 25, Korangi Industrial Area, Karachi, and virtually via video conference. The meeting, set to commence at 11 AM, is expected to cover both ordinary and special business matters, as per the agenda released on October 8, 2026.

The ordinary business will include the confirmation of minutes from last year's meeting, the review and adoption of audited accounts for the fiscal year ending June 30, 2026, and the appointment and remuneration of auditors for the year ending June 30, 2027.

A significant portion of the meeting will focus on special business, specifically resolutions regarding related party transactions in compliance with Sections 207 and 208 of the Companies Act, 2017. The company seeks to authorize and approve various transactions with related parties, including working capital arrangements and the procurement of commodities and services. These transactions will be subject to review by the Board Audit Committee and the Board of Directors.

Another critical agenda item involves a special resolution under Section 199 of the Companies Act, 2017, which proposes increasing the loan/advance facility to Ellahi Capital (Private) Limited, an associated company. The existing limit of Rs. 400 million is proposed to be enhanced to Rs. 500 million for a period of three years starting from November 1, 2026, to October 31, 2029. The loans will carry a markup rate of three percent above the three-month KIBOR or one percent above the company's average borrowing cost, whichever is higher, with repayment scheduled for October 2029.

According to information available from the Pakistan Stock Exchange (PSX), Ali Asghar Textile Mills Limited operates in the textile manufacturing sector, a crucial area of the national economy. The company's strategic financial decisions, as outlined in the upcoming meeting, are likely to impact its operational and financial standing in the coming years.

The company's management has authorized the Chief Executive Officer and/or Company Secretary to execute all necessary agreements and documents related to these resolutions, ensuring compliance with applicable legal and regulatory requirements. The meeting will also accommodate any other business with the chair's permission.