Lahore: Ghazi Fabrics International Limited held its Annual General Meeting on October 27, 2026, where several significant resolutions were passed. The meeting, attended by the company’s stakeholders, focused on both ordinary and special business matters.
During the session, participants approved the minutes of the previous Annual General Meeting held on October 28, 2025. The financial health of the company was also underscored as the shareholders received, considered, and approved the annual audited financial statements for the fiscal year ending June 30, 2026. The financial documents were accompanied by the Directors' and Auditors' Reports, along with the Chairman's Review.
The meeting saw the re-appointment of M/s Qadeer & Co., Chartered Accountants, as the company’s auditors for the financial year 2026-27. The Chief Executive Officer was granted the authority to negotiate the remuneration for the auditors. Additionally, seven directors were elected unopposed for a three-year term, commencing from October 27, 2026. The newly appointed directors include Mr. Mohammad Arshad Chaudhary and Mr. Kamran Arshad as Executive Directors, while Mrs. Azra Yasmin and Mr. Rizwan Arshad serve as Non-Executive Directors. Mrs. Wajeeha Haaris, Mr. Khawaja Waheed Raza, and Mr. Tahir Ikram Cheema were appointed as Non-Executive and Independent Directors, respectively.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions will be submitted to relevant regulatory bodies, including the Securities and Exchange Commission of Pakistan (SECP).
On the special business front, the company authorized the sale of outdated plant and machinery from its Spinning unit, citing inefficiency due to high energy consumption and lower production capacity. The Chief Executive Officer or a designated representative has been empowered to execute all necessary actions to facilitate this sale, ensuring all regulatory and legal compliance is met.
These decisions mark a pivotal point for Ghazi Fabrics International Limited as it seeks to optimize its operational capacity and strengthen its governance structure.