Karachi: Faisal Spinning Mills Limited has announced that its 42nd Annual General Meeting will be convened on Tuesday, October 27, 2026, at 04:00 pm. The meeting will take place at the company’s registered office, Umer House, located at 23/1, Sector 23, S. M. Farooq Road, in the Korangi Industrial Area of Karachi. The agenda primarily focuses on the approval of ordinary and special business items.
In the ordinary business segment, the company plans to confirm the minutes of the previous annual general meeting, which occurred on October 27, 2025. The agenda includes the presentation and adoption of the audited financial statements for the fiscal year ended June 30, 2026. This presentation will accompany the chairman's review, the independent auditor's report, the director's report, and additional disclosures that are integral to the annual report for 2026.
Additionally, the meeting will focus on the appointment of auditors for the 2026-2027 term. The retiring auditors, Messer's Mushtaq and Company, Chartered Accountants, have expressed their willingness for reappointment, with their remuneration proposed at PKR 3,100,000, consistent with the previous financial year.
According to information available from the Pakistan Stock Exchange (PSX), the special business will address resolutions concerning related party transactions, as per Section 208 of the Companies Act, 2017. The meeting will seek to ratify and confirm related party transactions conducted during the year as disclosed in the financial statements for the year ended June 30, 2026. Furthermore, the board is seeking authorization to approve related party transactions on a case-by-case basis for the financial year ending June 30, 2027, with subsequent ratification by shareholders at the next general meeting.
Other business matters may be addressed with the chairman’s consent. The statement of material facts relating to these special business items, as mandated under section 134(3) of the Act and SRO 423 (1)/2018, has been enclosed. The notice and accompanying materials have been dispatched to shareholders by post and uploaded to the company's website at "www.umergroup.com".
In alignment with section 223(6) of the Act and SRO 452(1)/2025 of 2025, issued by the Securities and Exchange Commission of Pakistan on March 17, 2025, the company has electronically disseminated the notice of the annual general meeting and the annual report for June 2026 to shareholders whose email addresses are on record with the company's share registrar.