Lahore: Ellcot Spinning Mills Ltd. concluded its annual general meeting on October 28, 2024, with shareholders approving the audited financial statements for the fiscal year ended June 30, 2024, and declaring a final cash dividend of Rs. 5 per ordinary share.

The shareholders unanimously adopted the financial statements, including the Chairman’s Review, Directors', and Auditors' reports, indicating a solid financial year. According to information available from the Pakistan Stock Exchange (PSX), this dividend declaration reflects the company’s commitment to delivering shareholder value amidst challenging economic conditions.

Further, the company resolved to reappoint M/s. Rahman Sarfraz Rahim Iqbal Rafiq, Chartered Accountants, as auditors for the upcoming fiscal year ending June 30, 2025. The Chief Executive Officer has been authorized to negotiate and finalize the auditor’s remuneration.

Ellcot Spinning Mills also addressed transactions with related parties, approving and ratifying these as per the details provided in Note 41 of the financial statements. This includes the future authorization for the board to approve such transactions for the fiscal year 2025, ensuring continued compliance with corporate governance standards.

The AGM represents a strategic step for Ellcot Spinning Mills in reinforcing its market position and operational transparency, maintaining a steady course through regulatory and market challenges.