Islamabad: Redco Textiles Limited has scheduled its 34th Annual General Meeting (AGM) for October 28, 2025, as announced in a recent notice to its shareholders. The meeting will take place at the company's registered office in Islamabad at 09:00 AM.
The announcement, made on October 3, 2025, outlines both ordinary and special business that will be conducted during the AGM. Key agenda items include the confirmation of minutes from the previous meeting held on October 28, 2024, the adoption of annual audited financial statements for the fiscal year ending June 30, 2025, and the appointment of auditors for the upcoming year. M/s Mushtaq & Co. Chartered Accountants have offered themselves for reappointment.
In addition to ordinary business, the meeting will address special business matters. Shareholders will vote on the ratification and approval of transactions conducted with related parties, as disclosed in the financial statements for the year ended June 30, 2025. The details of these transactions include inter-company advances and payments involving Redco Pakistan Limited, and borrowing transactions with major shareholder Saif Ur Rehman Khan.
The company has also announced that its share transfer books will be closed from October 21 to October 28, 2025, both days inclusive. Members entitled to vote may appoint proxies, who must submit their credentials 48 hours before the meeting.
For the convenience of shareholders, a facility for online participation via the Zoom platform will be available, adhering to guidelines from the Securities and Exchange Commission of Pakistan (SECP). Shareholders opting to join virtually must register their particulars via email, ensuring their registration is complete 48 hours prior to the meeting.
According to information available from the Pakistan Stock Exchange (PSX), Redco Textiles Limited's interaction with related parties is part of routine operations, aligned with company policy and relevant regulatory frameworks. The transactions include an inter-company loan receipt of 105.24 million PKR and a payment of 4.91 million PKR with Redco Pakistan Limited, alongside a borrowing payment of 142.96 million PKR to major shareholder Saif Ur Rehman Khan. These dealings follow disclosure regulations as per the company's financial statement note 35.
The AGM notice also informed shareholders about the transition to book-entry form for shares, in compliance with the Companies Act, 2017, and encouraged those with physical shareholdings to convert to the scripless form for enhanced security and flexibility in trading.
Redco Textiles Limited has assured shareholders that no gifts or incentives will be distributed at the AGM, in line with company policy. Voting will be facilitated via e-voting and postal ballot, with detailed instructions provided to shareholders through email by October 20, 2025.
The meeting will proceed under the regulatory guidelines of the Companies Act, 2017, and the SECP, providing shareholders with multiple avenues to participate and vote on the proposed resolutions.