Karachi: Millat Tractors Limited held its 61st Annual General Meeting on October 18, 2024, where several key resolutions were passed, including the adoption of audited financial statements for the year ended June 30, 2024, and the approval of a significant cash dividend.

The meeting, hosted at the company's registered office in Lahore, also saw the confirmation of minutes from the previous annual and extraordinary general meetings. According to information available from the Pakistan Stock Exchange (PSX), the audited financial statements along with the chairman's review, directors', and auditors' reports were received, approved, and adopted during the AGM.

One of the highlights was the resolution to approve a cash dividend of Rs. 25.00 per share, which represents 250% of the ordinary share capital, amounting to Rs. 191.8 million. This move underlines the company's robust financial health and commitment to returning value to its shareholders.

Additionally, the AGM ratified transactions with subsidiary and associated companies, involving substantial sums for the purchase and sale of components, ensuring these transactions align with corporate governance standards.

The firm also appointed M/s A.F. Ferguson as auditors for the upcoming fiscal year with a detailed breakdown of their remuneration for various services, including annual and half-year reviews.