Lahore: ITANZ Technologies Limited held its Annual General Meeting on October 24, 2026, at Noor Jahan Banquet Hall in Lahore and via video link, where several key resolutions were passed by the shareholders. The meeting included discussions on both ordinary and special business, significantly impacting the company's operational framework.
During the ordinary business proceedings, shareholders confirmed the minutes of the Extraordinary General Meeting held earlier on July 31, 2026. They also reviewed and adopted the company's Annual Audited Financial Statements for the year ending June 30, 2026, along with the accompanying Directors' and Auditors' Reports. The financial review noted the approval of a distribution comprising an interim cash dividend of Rs. 1 per share (10%) and bonus shares at a ratio of 10%, resulting in a total distribution of 20% for the fiscal year.
In terms of corporate governance, the meeting saw the reappointment of M/s Alam and Aulakh, Chartered Accountants, as the auditors for the following fiscal year ending June 30, 2027. This decision was in line with the recommendations of the Audit Committee, with the Board of Directors tasked with determining the remuneration.
According to information available from the Pakistan Stock Exchange (PSX), the shareholders passed significant special resolutions, including a stock split that will see the face value of the company's ordinary shares reduced from Rs. 10 to Rs. 1 each. This change is set to multiply the number of shares tenfold without altering the total authorized or paid-up capital. The resolution necessitated amendments to the company's Memorandum and Articles of Association, transitioning from "Five Hundred Million (500,000,000) ordinary shares of Rupees Ten (Rs. 10) each" to "Five Thousand Million (5,000,000,000) ordinary shares of Rs. One (Rs. 1) each."
Additional special resolutions addressed governance changes, such as amending the fee structure for directors attending board and committee meetings. The existing fixed fee was eliminated, allowing the Board to determine and periodically revise fees based on the company's operational complexity. Furthermore, the company's Memorandum and Articles of Association were updated to align with the Companies Act, 2017, replacing outdated references and correcting internal errors.
The resolutions empower Syed Asim Zaffar, CEO, and H. M. Maqsood Munshi, Company Secretary, to finalize and file the necessary regulatory documents. These changes are expected to enhance ITANZ Technologies' compliance and operational efficiency in the evolving market landscape.