Faisalabad: Arctic Textile Mills Limited held its 39th Annual General Meeting (AGM) on October 26, 2024, concluding with several significant decisions that reflect the company’s commitment to growth and transparency.

According to information available from the Pakistan Stock Exchange (PSX), the resolutions included the approval of the minutes from the last general meeting and the adoption of the annual audited financial statements for the year ended June 30, 2024. These financial statements were accompanied by the auditors', directors', and chairman's reports, providing a comprehensive view of the company's fiscal health and governance practices.

Additionally, the shareholders appointed M/s Riaz Ahmad and Company as the statutory auditors for the fiscal year ending June 30, 2025. This appointment includes a mandate for the auditors to manage the company’s financial assessments and compliance for the next year, with remuneration set by the board of directors.

A notable resolution passed during the AGM was the increase of the company’s authorized capital from PKR 170 million to PKR 300 million. This increase is divided into 30,000,000 ordinary shares of PKR 10 each. The company also resolved to amend Clause V of the Memorandum and Clause 5 of the Articles of Association to reflect this increase. These changes are intended to bolster Arctic Textile Mills' financial base, supporting future expansions and investments.

The company’s leadership emphasized that these decisions are pivotal for the strategic direction of Arctic Textile Mills, aiming to enhance shareholder value and sustain growth in a competitive market.