Karachi: Premium Textile Mills Limited, in its Annual General Meeting held on October 9, 2026, passed several key resolutions that are set to have significant implications for the company and its stakeholders. The meeting, which adhered to the requirements listed in the Pakistan Stock Exchange's (PSX) rulebook, addressed ordinary and special business agendas, reflecting both continuity and growth aspirations for the company.
On the ordinary business front, the minutes of the previous Annual General Meeting held on October 28, 2025, were confirmed. The shareholders also received and adopted the audited financial statements for the fiscal year ending June 30, 2026, along with the Director's, Auditor's, and Chairman's Review Reports. These documents had already been approved by the Board of Directors.
A significant decision made during the meeting was the approval of a final cash dividend at a substantial rate of 150%, translating to Rs. 15 per share. This dividend will be distributed to the shareholders registered as of October 1, 2026. The company’s leadership has been empowered to execute all necessary actions to ensure the dividend distribution is carried out smoothly.
The meeting also addressed the appointment of external auditors for the financial year ending June 30, 2027. M/s Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants, the current auditors, were re-appointed, with their remuneration and terms to be determined in agreement with the company's management.
Among the special resolutions, the meeting authorized an increase in the remuneration of the company's working directors, Mr. Abdul Kadir Adam, Chief Executive Officer, and Mr. Muhammad Yasin Siddik, Executive Director. Their monthly remuneration is set at Rs. 1,996,500 and Rs. 1,584,000, respectively, alongside additional benefits according to company policy.
In a move towards strategic growth, the shareholders approved a long-term equity investment of up to PKR 20 million in a joint venture, Recover Pakistan (Private) Limited. This investment is aimed at subscribing to up to 2 million ordinary shares at par value, facilitating the company's participation in new ventures. According to information available from the Pakistan Stock Exchange (PSX), this authorization remains valid for five years, providing the company with the flexibility to negotiate and execute necessary agreements.
These resolutions collectively underscore Premium Textile Mills Limited's commitment to rewarding its shareholders while also positioning itself for future growth through strategic investments and enhanced executive management.