Karachi: EcoPack Limited, a leading manufacturer of PET bottles and preforms, has scheduled its 33rd Annual General Meeting (AGM) for October 28, 2024. The meeting will be held at the company's registered office in Hattar Industrial Estate, Haripur, Khyber Pakhtunkhwa, with several key resolutions on the agenda.

The company is set to confirm the minutes of the previous AGM held on October 27, 2023. Furthermore, shareholders will review and adopt the annual reports including the Chairman's Review, and the Directors' and Auditor's reports for the fiscal year ending June 30, 2024. These documents were approved by the board on September 27, 2024.

A significant financial decision includes the proposed payment of a 15% cash dividend to shareholders, based on the profits for the year concluded in June 2024. This move underscores EcoPack's commitment to returning value to its investors.

Additionally, the AGM agenda includes the appointment of external auditors for the upcoming fiscal year, with M/s A. F. Ferguson & Co., Chartered Accountants, poised to continue in their auditing role having offered their services for reappointment.

Perhaps most notably, EcoPack plans to discuss and potentially approve a substantial increase in its authorized share capital. The proposal aims to raise the capital from Rs. 500 million to Rs. 1 billion by issuing an additional 50 million shares priced at Rs. 10 each. According to information available from the Pakistan Stock Exchange (PSX), this strategic move is geared towards funding expansion projects and enhancing the company's growth prospects.

The AGM will also provide a platform for addressing any other business that may arise, with all matters being subject to the chair's permission.

These developments reflect EcoPack Ltd’s proactive approach in managing its financial health and strategic direction, positioning the company for sustainable growth in the competitive packaging industry.