Karachi: Exide Pakistan Ltd convened its nND Annual General Meeting on July 29, 2025, at its registered office in Karachi, with shareholders attending both in person and via the Zoom application. The meeting saw the appointment of a new chairman, approval of financial statements, and declaration of dividends, as well as the reappointment of auditors for the upcoming fiscal year.

In the absence of the company's Chairman, Mr. Altaf Hashwani was proposed and seconded as the Chairman of the meeting by Mr. S Haider Mehdi and Mr. Arshad Shehzada, respectively. The meeting confirmed the minutes of the 71st Annual General Meeting held on July 29, 2024, following a brief discussion addressing a shareholder's concerns about previously unrecorded points.

The shareholders adopted the audited accounts for the year ending March 31, 2025, along with the Auditors' and Directors' Reports. Mr. Usman Ali raised a query regarding an income tax refund amounting to Rs. 1.20 billion. Mr. S Haider Mehdi clarified that Rs. 8.30 million of this amount pertains to a refund to be claimed by December 31, 2025. According to information available from the Pakistan Stock Exchange (PSX), the refund will be adjusted against an exemption certificate under specific sections of the income tax ordinance. Additionally, Mr. Mehdi addressed concerns regarding a reduction in sales revenue due to a decrease in battery prices, aligning with competitor pricing.

The meeting resolved to declare a 100 percent cash dividend for the year 2024-25. Mr. Mehdi explained that the undistributed profit would be allocated to meet the company's working capital and long-term financial requirements.

Furthermore, the shareholders approved the reappointment of Messrs. Yousuf Adil, Chartered Accountants, as the auditors for 2025-26. The decision followed a proposal from Mr. Ahmed Saeed Baig, seconded by Mr. Muhammad Ali.

The meeting concluded with the Chairman expressing gratitude to the members for their attendance and continuous cooperation.