Karachi: Engro Fertilizers Limited held its 16th Annual General Meeting on March 24, 2025, where several key resolutions were passed, including the approval of the company's audited financial statements for the year ending December 31, 2024, and the declaration of a final cash dividend.
During the meeting, shareholders approved the company's standalone and consolidated financial statements for the year 2024, along with the Directors', Auditor's, and Chairman's Review Reports. The resolutions also included the Statement of Compliance with Listed Companies (Code of Corporate Governance) Regulations, 2019, and the Auditor's Review Report on the Compliance Statement.
A significant outcome of the meeting was the declaration of a final cash dividend of PKR 8.00 per share, in addition to the interim cash dividend of PKR 13.50 per share that had already been distributed during the year. This decision was made in favor of shareholders registered on March 17, 2025, as recommended by the Board of Directors.
In terms of election and appointment, Messers A. F. Ferguson and Co., Chartered Accountants, were reappointed as the external auditors for the year 2025, with an agreement on their remuneration. Federal or Provincial taxes and reimbursements of out-of-pocket expenses will be compensated at actuals.
The meeting also saw the appointment of directors for a three-year term starting from March 24, 2025. The elected directors include Mr. Ahsan Zafar Syed, Mr. Asad Said Jafar, Ms. Farooq Barkat Ali, Mr. Ahmad Shakoor, Ms. Sadia Khan, Mr. Rizwan Khalil Sheikh, and Mr. Mohammad Younus Dagha.
A special resolution under Section 199 of the Companies Act, 2017, was approved, permitting Engro Fertilizers to provide intercompany loans. The company is set to extend a loan of up to PKR 5.00 billion to its associated company, Engro Polymer and Chemicals Limited, and up to PKR 6.00 billion to its holding company, Engro Corporation Limited. Both loans are structured as revolving lines of credit valid for one year.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions are pivotal for Engro Fertilizers as they facilitate strategic financial management and corporate governance, ensuring that the company meets its objectives efficiently.
Engro Fertilizers Limited operates within the designated market category and continues to focus on its corporate governance practices and strategic financial decisions to support its growth and shareholder value.