Peshawar: Frontier Ceramics Limited (FRCL) announced that its shareholders have approved all the agenda items during the 44th Annual General Meeting (AGM), held on October 28, 2026, both in person at the company’s premises on Jamrud Road and via video conferencing.
During the meeting, shareholders confirmed the minutes of the Extraordinary General Meeting held on March 16, 2026. They also adopted and approved the Annual Audited Financial Statements for the fiscal year ending June 30, 2026, alongside the Chairperson's Review Report, and the Directors' and Auditors' reports. Additionally, the reappointment of M/s Crowe Hussain Chaudhury and Co. Chartered Accountants as auditors for the fiscal year ending June 30, 2027, was approved, following recommendations by the Board's Audit Committee.
Special business resolutions were passed through electronic voting, postal ballots, and ballot box submissions. According to information available from the Pakistan Stock Exchange (PSX), shareholders ratified and approved transactions carried out with related parties during the fiscal year ending June 30, 2026. The transactions involved companies such as Toyota Rawal Motors (Pvt) Ltd, Mr. Nadeem Khalid, Rawal Industrial Equipment (Pvt) Ltd, and Khalid & Khalid Holdings (Pvt) Ltd, with significant financial dealings, including a loan of Rs. 1.20 billion to Khalid & Khalid Holdings, under specified terms.
Furthermore, shareholders approved an extension on the payment date for a land sale agreement withdrawal from May 31, 2026, to June 25, 2027. This extension was mutually agreed upon with the counterparty. The board and management were empowered to engage with the counterparty to settle the outstanding amount in the company's best interest.
The meeting concluded with authorization granted to the Company Secretary and CEO to undertake necessary actions to implement the resolutions, ensuring all legal, corporate, and procedural formalities are fulfilled.
FRCL remains classified under the designated market category by the Pakistan Stock Exchange.