Islamabad: Saif Textile Mills Limited held its Annual General Meeting on Friday, October 24, 2025, where key resolutions were passed concerning the company’s financial statements, auditor reappointment, and related party transactions.
During the meeting, members approved the Annual Audited Financial Statements for the year ended June 30, 2025. The statements, accompanied by the Chairman’s Review Report and the Directors’ and Auditors’ reports, received unanimous adoption. The approval is a critical step in maintaining transparency and accountability in the company’s financial practices.
In a move aimed at continuity and stability, the shareholders reappointed M/s Shinewing Hameed Chaudhri & Co., Chartered Accountants, as the external auditors. The auditors will serve until the conclusion of the next Annual General Meeting. The fee for their services will be determined by the Chief Executive Officer.
The AGM also addressed special business regarding related party transactions. The company was authorized to share administrative expenses with M/s Kohat Textile Mills Limited and other associated companies. These expenses encompass office rents, administrative salaries, utility expenses, and maintenance costs. The transactions executed in the ordinary course of business with related parties during the fiscal year ended June 30, 2025, were ratified and approved.
According to information available from the Pakistan Stock Exchange (PSX), Saif Textile Mills Limited has taken steps to ensure that the Chief Executive Officer is empowered to manage related party transactions for the upcoming fiscal year ending June 30, 2026. The CEO is authorized to take necessary actions and execute required documents on behalf of the company.
The resolutions reflect Saif Textile Mills Limited’s commitment to operational efficiency and sound corporate governance practices.