Lahore: Prosperity Weaving Mills Ltd. held its annual general meeting on October 28, 2024, where shareholders approved the audited financial statements for the fiscal year ended June 30, 2024, and declared a final cash dividend. The meeting also saw the appointment of auditors and the approval of transactions with related parties.

The company resolved to distribute a final cash dividend of Rs. 2.50 per ordinary share for the fiscal year 2024, as recommended by the board of directors. This dividend approval comes as part of the ordinary business discussed in the annual general meeting, which also included the adoption of the Chairman’s Review Report, Directors' and Auditors' reports for the fiscal year.

According to information available from the Pakistan Stock Exchange (PSX), Prosperity Weaving Mills has appointed M/s. Yousuf Adil, Chartered Accountants, as auditors for the fiscal year ending June 30, 2025. The Chief Executive Officer is authorized to negotiate and fix the auditors' remuneration.

Special business included the ratification and approval of transactions conducted with related parties as disclosed in Note 38 of the financial statements for the year ended June 30, 2024. The board of directors is further authorized to approve all related party transactions to be carried out during the financial year 2025. These transactions will be placed before the shareholders at the next annual general meeting for formal ratification and approval.