Karachi: Rafhan Maize Products Company Limited, during its 137th Annual General Meeting held on April 24, 2025, passed a series of resolutions concerning its financial activities and auditing appointments. The meeting, which convened at 3:00 p.m., saw the confirmation of previous meeting minutes, adoption of financial statements, approval of dividends, and appointment of auditors.
The shareholders confirmed the minutes of the 136th General Meeting, which took place on September 5, 2024. This procedural step ensures that the resolutions and discussions from the previous meeting are officially recognized and recorded.
In addition, the meeting saw the adoption of the audited financial statements for the year ending December 31, 2024. These statements, along with the Directors' and Auditors' Reports, provide a detailed account of the company's financial health and operational outcomes over the preceding year.
One of the key resolutions passed was the approval of a final dividend. Shareholders approved a dividend of 1,000%, equating to Rs. 100 per fully paid ordinary share of Rs. 10, amounting to Rs. 923.64 million. This is in addition to three interim dividends amounting to 2,750%, or Rs. 275 per fully paid ordinary share, totaling Rs. 2.54 billion, which were disbursed earlier in the year. The final dividend is slated to be distributed to shareholders whose names are recorded in the company's books as of the meeting date.
The meeting also resulted in the appointment of Messrs KPMG Taseer Hadi & Co., Chartered Accountants, as the auditors for the year 2025. The auditors will operate at a fee of Rs. 7.47 million, plus out-of-pocket expenses, and will include a half-yearly review.
According to information available from the Pakistan Stock Exchange (PSX), Rafhan Maize operates within the designated market category of food and related products. This categorization is pertinent for investors and analysts monitoring company activities and market performance.
These resolutions reflect Rafhan Maize's adherence to regulatory compliance and its commitment to maintaining transparency with its shareholders and stakeholders.