Karachi: In a significant development for stakeholders, Ali Asghar Textile Mills Limited held its 60th Annual General Meeting on October 28, 2026, where several key resolutions were adopted. The meeting, which took place at the company's registered office and was also accessible via video conference, addressed both ordinary and special business, ensuring compliance with the Pakistan Stock Exchange Regulations.
The meeting commenced with the confirmation of the minutes from the previous year's Annual General Meeting held on October 27, 2025. Attendees approved the minutes without any objections, marking the first resolution of the day.
Subsequently, the shareholders received and adopted the audited financial statements for the year ended June 30, 2026. These statements were presented alongside the Directors' Report and Auditors' Report, reflecting the company's financial health and operational outcomes for the designated market category.
The assembly proceeded with the appointment of auditors for the upcoming financial year, ending June 30, 2027. M/s. Reanda Haroon Zakaria Aamir Salman Rizwan & Company, Chartered Accountants, was appointed as the official auditor. The remuneration for these services will be determined through mutual agreement between the auditors and the company's Board of Directors.
In terms of special business, the meeting ratified and approved transactions conducted with related parties, as disclosed in the audited financial statements' Note 39. This decision empowers the Board of Directors to approve all related party transactions for the financial year 2027, subjecting them to shareholder approval at the next Annual General Meeting.
Moreover, a notable resolution involved the enhancement and renewal of a loan facility to Ellahi Capital (Private) Limited, an associated company. According to information available from the Pakistan Stock Exchange (PSX), the approved aggregate limit for loans and advances to Ellahi Capital was increased from Rs. 400 million to Rs. 500 million. This facility, intended for working capital requirements, will span from November 1, 2026, to October 31, 2029. The loans will carry a mark-up rate of 3% above the three-month KIBOR or 1% above the company's average borrowing cost, whichever is higher, with repayment scheduled for October 2029.
The resolutions were certified as true and adopted by the members of Ali Asghar Textile Mills Limited, underscoring the company's commitment to strategic financial management and operational transparency.