Karachi: Macpac Films Limited, during its 29th Annual General Meeting held on October 24, 2024, passed several significant resolutions concerning the company's financial and operational directives for the upcoming year. The meeting, attended by members of the company, highlighted key decisions including the approval of financial statements, dividend distribution, auditor appointment, director elections, and Shariah compliance amendments.
The first resolution approved the company's annual audited financial statements for the fiscal year ending June 30, 2024. This included the Chairman's Review Report, Directors' Report, and Auditor's Report. The adoption of these documents was a formality required to confirm the company's financial health and operational performance over the past year.
The second agenda item saw the approval of a final cash dividend of Rs 1.25 per share, representing a 12.5% return for shareholders. This dividend will be distributed to members listed in the company's register as of October 17, 2024. This decision reflects the company's commitment to delivering returns to its shareholders.
In the third resolution, M/s. KPMG Taseer Hadi and Co, Chartered Accountants, Karachi, were appointed as the auditors for the fiscal year ending June 30, 2025. Their appointment will last until the next Annual General Meeting, and their remuneration will be mutually agreed upon.
The fourth resolution involved the election of seven directors for a three-year term starting October 28, 2024. The elected directors are Mr. Naeem Ali Muhammad Munshi, Mr. Najmul Hassan, Mr. Ehtesham Maqbool Elahi, Mr. Shabbir Hamza Khandwala, Ms. Hafsa Abbasy, Mr. Shariq Maqbool Elahi, and Mr. Fahad Munshi, in compliance with Section 159(1) of the Companies Act, 2017.
A special resolution was also passed to amend the Objects Clause of the Memorandum of Association. This amendment ensures the company's compliance with Shariah requirements as per the Shariah Compliance Certificate issued by the Securities and Exchange Commission of Pakistan (SECP) on July 18, 2024. The Chief Executive Officer, Managing Director, Chief Financial Officer, and Company Secretary have been authorized to execute the necessary actions to effectuate this resolution.
According to information available from the Pakistan Stock Exchange (PSX), these resolutions are pivotal in aligning the company's operations with regulatory standards and shareholder expectations.
These resolutions underscore Macpac Films Limited's strategic planning and commitment to compliance and shareholder value. The company's proactive approach is indicative of its broader objectives to ensure sustainable growth and adherence to regulatory frameworks.