Karachi: The Organic Meat Company Limited held its 14th Annual General Meeting on October 28, 2024, at its corporate office in Karachi, announcing significant financial and corporate governance resolutions that are set to influence its strategic direction. The shareholders approved key measures including the adoption of the latest audited financial statements and an increase in the company's authorized share capital.

The company confirmed the minutes of the last Annual General Meeting, which provided a seamless transition to discussing the newly audited financial statements for the fiscal year ended June 30, 2024. These statements, along with the directors' and auditors' reports, were adopted, confirming the company’s financial health and compliance with regulatory standards.

According to information available from the Pakistan Stock Exchange (PSX), one of the standout resolutions was the significant increase in the authorized share capital from Rs. 1 billion to Rs. 2 billion. This move, involving the issuance of an additional 35 million ordinary shares valued at Rs. 10 each, is aimed at bolstering the company’s capital structure for future growth and potential market opportunities.

Further solidifying its governance, the company reappointed BDO Ebrahim and Co., Chartered Accountants, as its auditors for the financial year 2024-25. The auditor’s remuneration was confirmed on the same terms as the previous year, which includes coverage for all statutory requirements and out-of-pocket expenses.

The Organic Meat Company Limited also made significant changes to its Memorandum of Association, adjusting Clause V to reflect the updated capital structure. This amendment will provide the company with enhanced flexibility to manage its share capital, which is crucial for executing its long-term strategic goals.

These resolutions underline the company’s commitment to maintaining rigorous financial discipline and transparency, aimed at fostering continued growth and shareholder value in the competitive market.