Dar es Salaam Textile Mills Limited Announces Annual General Meeting on September 30, 2023, with Key Resolutions to be Discussed

Karachi, Dar es Salaam Textile Mills Limited has officially notified its members of the upcoming Annual General Meeting scheduled for September 30, 2023. The meeting, to be held in Lahore, will address important matters concerning the company's financial performance, governance, and potential changes in its registered office.

Under the ordinary business agenda, the company will review and adopt its audited financial statements for the fiscal year ending on June 30, 2023. This includes a thorough examination of the accompanying reports by auditors and directors, along with the review report from the Chairman. Additionally, members will be tasked with appointing auditors for the year ending June 30, 2024, and determining their remuneration. M/S Rizwan & Co. Chartered Accountants has been recommended for re-appointment by the Board of Directors and the Board Audit Committee.

The most significant agenda item, however, is the proposed special resolution. Subject to the approval and sanction of the Securities and Exchange Commission of Pakistan, the company seeks consent and approval from its members to change its registered office from Karachi, Pakistan. The proposed change will relocate the registered office to the province of Sindh, Pakistan, and an amendment to the Memorandum of Association is required to reflect this adjustment.

Furthermore, a resolution will be put forward to ratify an investment in Super Bird (Pvt) Limited, amounting to Rs. 3.5 million. This investment has been fully recovered, along with markup, in accordance with good corporate governance practices. This resolution falls under Section 199 of the Companies Act, 2017, and the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017.

The company's members are also informed that any additional business items may be presented during the meeting with the permission of the chair.

To facilitate the Annual General Meeting, the Members Register and Share Transfer Books will be closed from September 23, 2023, to September 30, 2023, inclusive.

The meeting promises to be a pivotal event in the future of Dar es Salaam Textile Mills Limited, as it addresses critical financial matters and potential changes in its corporate structure.