Lahore: In a significant development for Baba Farid Sugar Mills Limited (BFSML), the company's shareholders have approved all proposed agenda items during the 46th Annual General Meeting (AGM), held on January 28, 2025. The meeting took place at the registered office in Lahore and was also accessible via video link, allowing shareholders to participate remotely.
The AGM commenced with the confirmation of the minutes from the previous year's meeting held on January 27, 2024. The shareholders unanimously adopted the Annual Audited Financial Statements for the fiscal year ending September 30, 2024. This was accompanied by the adoption of the Auditors' and Board of Directors' reports, marking a successful financial year for BFSML.
In another key decision, the shareholders re-appointed M/s. BDO Ebrahim and Co. Chartered Accountants as the auditors for the financial year 2025, as recommended by the Board. The shareholders also elected nine directors for a new three-year term starting January 28, 2025. The elected directors include Mr. Muhammad Shamim Khan, Mr. Adnan Ahmed Khan, Mrs. Qaiser Shamim Khan, Mr. Nauman Ahmed Khan, Mrs. Sarah Hajra Khan, Mr. Farid ud Din Ahmed, Mr. Manzoor Hussain Hamayoon, Mrs. Farrah Khan, and Mr. Anwar Ahmad Khan.
In the realm of special business, several resolutions were passed. Notably, transactions conducted with related parties in the normal course of business, amounting to significant figures, were ratified and approved. According to information available from the Pakistan Stock Exchange (PSX), these transactions included the sale of sugar to Naubahar Bottling Company (Pvt.) Limited amounting to PKR 841.91 million, and various transactions with The Thal Industries Corporation Limited and Almoiz Industries Limited. Additionally, the Chief Executive Officer or his nominee was authorized to approve future transactions with related parties until the next AGM.
The meeting concluded with no other business on the agenda, and the proceedings were conducted smoothly. Baba Farid Sugar Mills Limited operates within the designated market category of sugar production and related industries. The successful conclusion of the AGM and the approval of all agenda items set a positive tone for the company's operations in the upcoming year.