Lahore: Gharibwal Cement Limited has announced the resignation of its Head of Internal Audit, Mr. Hassan Mehdi, who has stepped down from his position, ceasing all associations with the company. The announcement was made in compliance with Regulation 5.6.1(xi) of the Rule Book of the Pakistan Stock Exchange.

According to information available from the Pakistan Stock Exchange (PSX), the internal audit function of Gharibwal Cement will be completely outsourced to a Chartered Accountant (CA) Firm. This decision aligns with the applicable regulatory framework governing corporate auditing practices. The firm is tasked with overseeing the company’s internal audit processes, ensuring adherence to compliance and governance standards.

The company has indicated that a new Head of Internal Audit will be appointed in the future. This individual will serve as a liaison between the CA Firm and the company’s Board of Directors, facilitating communication and coordination of audit activities.

The announcement has been made to keep stakeholders informed and to ensure compliance with regulatory requirements. The company has also requested that the TRE Certificate Holders of the Exchange be notified of these developments.

The cement sector remains a significant category within the market, and Gharibwal Cement Limited’s restructuring of its internal audit function marks an important procedural shift in its operational management.