Lahore: The shareholders of Hi-Tech Lubricants Limited (HTL) convened for their 17th Annual General Meeting (AGM) at Jinnah Auditorium, Lahore Chamber of Commerce and Industry, on October 24, 2025. The meeting was also accessible via video link and Zoom application. During the session, all proposed agenda items were approved without objection.
The ordinary business of the AGM commenced with the confirmation of the minutes from the previous meeting held on October 26, 2024. The shareholders, after motions were duly proposed and seconded, adopted the Annual Audited Financial Statements for the year ending June 30, 2025, alongside the reports from the Board of Directors and the auditors. Furthermore, the reappointment of M/s Riaz Ahmad & Co. as the auditors for the financial year 2025-26 was ratified, maintaining the remuneration from the previous year.
Special business was also conducted, notably the ratification of transactions with the related party, Sabra Hamida Trust (SHT). The shareholders approved donations made under the Corporate Social Responsibility (CSR) policy amounting to PKR 18 million. Additionally, they authorized the Board of Directors to approve future transactions with SHT up to PKR 30 million for the fiscal year ending June 30, 2026.
Another significant point of discussion was the transactions with HTL's wholly owned subsidiary, Hi-Tech Blending (Private) Limited (HTBL). The shareholders ratified sales and purchases of lubricants and other financial dealings from the fiscal year ending June 30, 2025, including the purchase of lubricants valued at approximately PKR 6.98 billion, and a short-term loan of PKR 512.80 million, which was fully repaid. Interest received on this loan amounted to PKR 36.71 million. The Board was also authorized to approve and conduct future transactions with HTBL through the end of the next AGM.
According to information available from the Pakistan Stock Exchange (PSX), these developments are crucial as HTL continues to expand its operations and financial dealings. The designated market category for HTL remains unchanged following the resolutions passed during the AGM.
The meeting concluded with no additional business brought forward for discussion.