Karachi: Colony Textile Mills Limited convened its annual general meeting (AGM) on October 28, 2024, at its headquarters on Ferozpur Road, Lahore. The session resulted in the unanimous approval of several critical resolutions that are set to influence the company's strategy and shareholder returns.

During the meeting, the shareholders endorsed the minutes of the last year’s AGM, held on October 26, 2023, reaffirming the decisions made during that session. This year’s gathering mainly revolved around financial strategies and governance enhancements aimed at fostering growth and stability in an ever-evolving market.

Key among the resolutions was the approval of the annual audited accounts for the fiscal year ended June 30, 2024. These accounts were accompanied by comprehensive reports from the directors and auditors, ensuring all stakeholders are well-informed about the company's financial health and operational outcomes.

The meeting also marked a significant financial decision regarding shareholder returns. A final cash dividend of 12.5%, amounting to Rs. 1.25 per share, was approved as recommended by the board, reflecting the company’s continued commitment to delivering shareholder value.

Further, Colony Textile Mills affirmed the reappointment of its auditors for the fiscal year ending June 30, 2025, ensuring continuity in its financial oversight. The AGM highlighted the role of the newly confirmed auditors in maintaining rigorous financial scrutiny and compliance.

According to information available from the Pakistan Stock Exchange (PSX), the approved actions reflect Colony Textile Mills’ strategic direction and dedication to corporate governance and financial integrity. These decisions are anticipated to support the company’s objectives of sustainable growth and operational excellence.