Karachi: The Annual General Meeting (AGM) of the company was held on October 28, 2024, where shareholders approved key resolutions, including the standalone and consolidated audited accounts for the fiscal year ended June 30, 2024. The auditors’ report was also ratified during the meeting, along with the appointment of M/s. Feroze Sharif Tariq and Co., Chartered Accountants, Karachi, as statutory auditors of the company for a remuneration of PKR 1.00 million.

According to information available from the Pakistan Stock Exchange (PSX), the AGM also approved transactions conducted in the normal course of business with related parties for the year ending June 30, 2024. These transactions were ratified and authorized to continue for the upcoming financial year, ending June 30, 2025, subject to shareholder approval at the next AGM.

A significant resolution involved the approval to increase the company’s authorized capital from PKR 3.00 billion to PKR 5.00 billion. This increase will comprise 500.00 million ordinary shares of PKR 10.00 each, up from the previous 300.00 million shares. The company also announced its decision to acquire Image Global Ltd., a wholly-owned subsidiary of Image Pakistan Ltd., for a value of PKR 4.00 million.

The company’s management was authorized to take necessary actions to finalize these resolutions and fulfill any legal requirements associated with the approved transactions.