Karachi: Power Cement Limited convened its 35th Annual General Meeting on October 20, 2026, where key resolutions were passed and adopted by the company's members. The meeting addressed both ordinary and special business matters, culminating in significant decisions for the upcoming fiscal year.
During the session, the minutes of the previous 34th Annual General Meeting held on October 14, 2025, were confirmed and approved. The meeting proceeded to adopt the annual audited financial statements for the fiscal year ending June 30, 2026, along with the accompanying Directors' and Auditors' reports.
In a decision regarding the appointment of auditors, the company reappointed M/s. A. F. Ferguson & Co., Chartered Accountants, as the external auditors for the fiscal year ending June 30, 2027. Their remuneration was also fixed during this session.
The special business segment of the meeting saw the ratification and approval of related party transactions conducted during the year ending June 30, 2026. This was in compliance with Sections 207 and 208 of the Companies Act, 2017, with the transactions detailed in note 39 of the company's financial statements. Looking forward, the company authorized its Board of Directors to engage in related party transactions throughout the financial year ending June 30, 2027. These transactions may entail various commercial dealings, including the sale and purchase of goods, services, and investments.
Such transactions, as disclosed, are slated to be reviewed and ratified at the next Annual General Meeting. According to information available from the Pakistan Stock Exchange (PSX), Power Cement Limited operates within the designated market category of the cement industry, a sector crucial to the construction and infrastructure development in the region.
The resolutions passed during the meeting reflect Power Cement Limited's commitment to maintaining transparency and adherence to corporate governance standards, laying the groundwork for its operational and financial activities in the forthcoming year.