Karachi: Premium Textile Mills Limited has announced the scheduling of its Annual General Meeting (AGM) to be held on October 9, 2026. The meeting, set to take place at the company's registered office in Karachi and via a video link, will address several significant agenda items crucial to the company's operations and strategic direction.
The AGM will commence at 3:30 pm at the Haji Adam Chamber on Altaf Hussain Road in Karachi. As per the announcement, the meeting's agenda includes the confirmation of the minutes from the previous AGM held on October 28, 2025, and the adoption of the audited financial statements for the fiscal year ending June 30, 2026.
A key resolution set for approval is the payment of a final cash dividend at 150%, equating to Rs. 15.00 per share, as recommended by the Board of Directors. Additionally, the meeting will appoint external auditors for the next financial year, with the current auditors, M/s Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants, offering themselves for re-appointment.
The meeting will also tackle special business matters, including a proposal to increase the remuneration of certain directors. The proposed increase will adjust the monthly remuneration of CEO Mr. Abdul Kadir Adam to Rs. 1,996,500 and Executive Director Mr. Muhammad Yasin Siddik to Rs. 1,584,000, accompanied by other benefits following company policy.
Furthermore, a resolution seeks approval for a long-term equity investment of up to PKR 20 million in a joint venture company, Recover Pakistan (Private) Limited, for the trading of recycled cotton fiber and related textile products. The investment aims to provide Premium Textile Mills Limited with access to new markets and enhance shareholder value.
According to information available from the Pakistan Stock Exchange (PSX), such initiatives reflect a strategic move to expand the company's market reach and profitability. The proposed investment is also subject to member and regulatory approvals, with pertinent documents available for inspection at the company's office.
The AGM notice has been scheduled for publication in the Karachi editions of "Business Recorder" and "Daily Amn" newspapers on September 18, 2026. Members and TRE Certificate Holders of the Exchange are encouraged to attend and participate in this pivotal meeting, which promises to shape the future trajectory of Premium Textile Mills Limited.