Karachi: Shareholders of Hi-Tech Lubricants Limited (HTL), in a recent gathering via video link and in-person in Lahore, ratified numerous proposals at their 16th Annual General Meeting (AGM), held on October 26, 2024. Key approvals included financial statements, the re-appointment of directors, and substantial monetary transactions, positioning the company for another year of strategic operations.

During the meeting, which took place at the Lahore Chamber of Commerce and Industry and online through Zoom, the assembled shareholders confirmed the minutes of the last AGM held on October 27, 2023. They also endorsed the annual financial statements for the year ending June 30, 2024, and accepted the audit reports presented by the company's board of directors and external auditors.

A significant re-appointment was that of Mr. Riaz Ahmad and Co. Chartered Accountants as auditors for the financial year 2024-25, underlining continuity in the company’s financial oversight. According to information available from the Pakistan Stock Exchange (PSX), the shareholders unanimously supported the election of ten directors for a three-year term commencing October 26, 2024. These directors include three independents and seven others, with two being female, emphasizing the company's commitment to diverse leadership.

Additionally, the AGM authorized various transactions with related parties, including the Sabra Hamida Trust, involving contributions of PKR 18.00 million under corporate social responsibility initiatives and other dealings amounting to PKR 650.00 million in dividends received. Another notable resolution involved the subsidiary Hi-Tech Blending (Private) Limited, which dealt with sales and purchases amounting to over PKR 6.06 billion.

Furthermore, the shareholders gave the green light to sell an asset under Section 183(3)(a) of the Companies Act 2017, a decision that allows the disposal of land owned by Hi-Tech Lubricants. This strategic move is aimed at enhancing the company’s liquidity and operational flexibility.

Each decision at the AGM underscores Hi-Tech Lubricants’ strategy to strengthen its market position while ensuring compliance with regulatory standards and fostering corporate accountability. This alignment is crucial as the company navigates the complexities of the global lubricants market.