Redco Textiles Limited Approves Financial Statements and Reappoints Auditors at Annual General Meeting

Islamabad: Redco Textiles Limited held its annual general meeting on October 28, 2024, at its registered office in Islamabad, where shareholders approved several key resolutions, including the adoption of audited financial statements for the fiscal year ended June 30, 2024, and the reappointment of external auditors.

During the meeting, shareholders confirmed and approved the minutes of the Extraordinary General Meeting held on April 4, 2024. Additionally, they unanimously endorsed the company's audited financial statements, along with the accompanying Directors' and Auditors' Reports for the year ending June 2024. According to information available from the Pakistan Stock Exchange (PSX), these approvals underscore Redco Textiles’ commitment to transparent financial reporting and compliance.

The company reappointed M/s Mushtaq and Co, Chartered Accountants, as its external auditors for the fiscal year ending June 30, 2025, with a remuneration of Rs. 0.78 million. This reappointment reflects the company's trust in the auditing firm's oversight capabilities to maintain financial integrity.

In terms of special business, shareholders ratified and confirmed all transactions conducted with related parties as disclosed in the financial statements for the year ended June 30, 2024. The Board of Directors was further authorized to approve ongoing transactions with related parties, in line with the disclosures in Note 34 of the financial statements.

To enhance accessibility, Redco Textiles also resolved to circulate its annual report, including the audited financial statements and associated reports, through a QR-enabled code and web link, facilitating easy access for shareholders.

The resolutions passed at the meeting are in compliance with Regulation 5.6.9(b) of the PSX Rule Book, reflecting Redco Textiles Limited's dedication to regulatory adherence and shareholder engagement.