Lahore: Fast Cables Ltd. convened its Annual General Meeting on October 22, 2026, at Utama Chowk, Sundar Link Road, Raiwind, Lahore, where shareholders reviewed and approved a series of resolutions critical to the company's strategic and financial direction.
During the ordinary business session, the shareholders confirmed the minutes of the previous annual meeting held on October 27, 2025. The company's Annual Audited Financial Statements for the fiscal year ending June 30, 2026, were also received, considered, and adopted alongside the Director's Report, Chairman's Review Report, and the Auditor's Report.
A significant resolution passed was the approval of a final cash dividend of 15%, equivalent to Rs. 1.50 per share, for the year ended June 30, 2026. This decision, recommended by the Board of Directors, aligns with the company's commitment to returning value to its shareholders. The responsibility to execute the dividend payment was assigned to the Company Secretary or Chief Financial Officer.
The appointment of M/S Crowe Hussain Chaudhary and Company, Chartered Accountants, as auditors for the year ending June 30, 2027, was another key resolution. The Chief Executive and Chief Financial Officer of Fast Cables Ltd. were empowered to negotiate and establish the auditors' remuneration.
In the realm of special business, the meeting ratified and approved related party transactions conducted during the fiscal year ending June 30, 2026. The Chief Executive and Chief Financial Officer were authorized to manage these and future transactions with related parties through June 30, 2027.
Additionally, the members approved the sale of the company's building on leasehold land at 7-Canal Main, Jallo Road, Lahore. The property is to be sold to Mian Ghulam Murtaza Shaukat, a Director of the company, for no less than PKR 300 million. The Chief Executive Officer, Chief Financial Officer, and Company Secretary were authorized to carry out the necessary execution of the sale.
Finally, shareholders consented to the utilization of surplus IPO proceeds amounting to PKR 747.763 million, alongside additional returns of PKR 328.976 million, to support the company's working capital requirements. This surplus stems from the company's IPO in 2024, which raised a total of PKR 3.130 billion.
According to information available from the Pakistan Stock Exchange (PSX), these decisions are poised to influence the company's market category, reflecting a proactive approach to financial management and corporate governance.