Karachi: International Packaging Films Limited has announced that its 9th Annual General Meeting (AGM) will be held on October 23, 2024, at Karachi, to discuss key corporate matters, including the adoption of financial statements, appointment of auditors, and approval of special business resolutions. According to information available from the Pakistan Stock Exchange (PSX), the AGM will address significant items on the agenda as part of the company’s governance and operational updates for the financial year ended June 30, 2024.

The meeting's agenda includes the consideration and adoption of the company's audited financial statements, along with the Auditors’ and Directors’ Reports for the financial year. These financial statements, in compliance with Section 223 of the Companies Act, 2017, have been made available on the company’s website for stakeholders’ review.

Additionally, the Board of Directors has recommended the reappointment of M/s A.F. Ferguson and Co., Chartered Accountants, as the auditors for the upcoming financial year ending June 30, 2025, at a mutually agreed remuneration.

A critical aspect of the special business to be discussed during the meeting is a resolution concerning a long-term loan and corporate guarantees for Petpak Films (Private) Limited, a 52% subsidiary of the company. The proposed special resolution seeks approval to provide a long-term loan of up to Rs. 2,108.14 million and corporate guarantees of up to Rs. 5 billion in favor of the subsidiary, with a tenure of three years. The board has also proposed an ordinary resolution that allows the transmission of the company’s financial statements through a QR-enabled code and weblink, in line with recent regulatory changes by the Securities and Exchange Commission of Pakistan.

The company’s Chief Executive and Company Secretary have been authorized to carry out all necessary actions required to implement the investment and guarantee provisions upon receiving approval from the shareholders.