Karachi: Security Papers Limited convened its 59th Annual General Meeting on September 25, 2024, where shareholders passed several key resolutions affecting the company's financial and auditing directions for the coming year. The meeting, highlighted by the approval of audited financial statements and a significant dividend declaration, sets a positive course for the firm following the financial year ended June 30, 2024.
During the Annual General Meeting, shareholders unanimously approved the company's financial statements for the previous fiscal year, which were presented alongside the directors' and auditors' reports. According to information available from the Pakistan Stock Exchange (PSX), these documents reflect the company's compliance with financial reporting and governance standards as stipulated under the PSX regulations.
In terms of shareholder returns, Security Papers Limited declared a final cash dividend of Rs. 10.00 per share. This declaration is on top of a previously paid interim dividend of 25%, bringing the total dividend for the year to Rs. 12.50 per share, equivalent to a 125% return based on the face value of the shares. This payout, scheduled for shareholders listed as of September 18, 2024, marks an increase from previous distributions, highlighting the company’s stable financial health and commitment to returning value to its shareholders.
Furthermore, the assembly approved the appointment of M/s. A. F. Fergusons and Co., Chartered Accountants, as the company's statutory auditors for the fiscal year ending June 30, 2025. The agreed-upon terms include a mutually acceptable fee, exclusive of out-of-pocket expenses and taxes, ensuring that the company maintains its standards of rigorous financial scrutiny.
Security Papers Limited, by solidifying its financial oversight and rewarding shareholders through increased dividends, continues to strengthen its position in the market, fostering confidence among its investors and stakeholders in its operational and financial strategies.