Karachi: International Steels Limited held its 17th Annual General Meeting on September 24, 2024, where shareholders approved significant resolutions, including the adoption of financial statements and the appointment of external auditors for the upcoming fiscal year.
The shareholders convened to review and approve the Audited Annual Financial Statements for the year ending June 30, 2024. The financial reports, accompanied by the Directors' and Auditors' reviews, received unanimous approval, reflecting the company's compliance and sound financial management.
Following the financial approvals, a notable decision was the endorsement of a final cash dividend. The shareholders ratified a 30% final cash dividend, amounting to Rs. 3.00 per share. This payment is in addition to the previously announced and disbursed interim cash dividend of Rs. 2.50 per share, culminating in a total annual dividend of Rs. 5.50 per share or 55%. This resolution underscores International Steels Limited’s robust financial health and commitment to shareholder returns.
Moreover, the appointment of auditors was another critical agenda item addressed during the meeting. The firm M/s A.F. Ferguson and Co., Chartered Accountants, was appointed as the external auditor for the fiscal year ending June 30, 2025. Their remuneration will be mutually agreed upon, with additional provisions for federal or provincial taxes and reimbursements for out-of-pocket expenses.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions signify a stable governance framework and financial prudence within International Steels Limited, aligning with regulatory requirements and industry best practices.