Karachi, In a significant development, shareholders of Baluchistan Wheels Limited gathered for the 43rd Annual General Meeting held on September 23, 2023, at the company's registered office in Hub, Balochistan. Several important resolutions were passed during the meeting, demonstrating the company's commitment to transparency and shareholder value.
The resolutions passed during the meeting are summarized as follows:
Agenda Item 1: Confirmation of Minutes
Shareholders unanimously approved the minutes of the Annual General Meeting held on October 01, 2022, signifying the official acceptance of the proceedings of the previous year's meeting.
Agenda Item 2: Adoption of Audited Financial Statements
The shareholders also voted to receive, consider, and adopt the Audited Financial Statements for the year ended June 30, 2023, along with the Chairman's Review, Directors' Report, and Auditors' Report. This approval reflects confidence in the company's financial performance and management's report.
Agenda Item 3: Declaration of Dividend
A pivotal resolution was passed to approve and declare a final cash dividend of Rs 3.50 per share (35%), in addition to the interim cash dividends of Rs. 4.50 per share (45%) already declared and paid, for the year ended June 30, 2023. This dividend declaration is in line with the recommendation made by the Board of Directors and rewards shareholders for their continued support.
Agenda Item 4: Appointment of Auditors
Lastly, the shareholders resolved to appoint M/s BOO Ebrahim & Co, Chartered Accountants, as the auditors of the Company for the year ending on June 30, 2024. The terms and conditions of their appointment will be approved by the Chief Executive Officer. The auditors will hold office until the conclusion of the next Annual General Meeting of the Company.
The successful passage of these resolutions highlights the shareholders' trust in Baluchistan Wheels Limited's financial stability, corporate governance, and commitment to delivering value to its stakeholders. These decisions pave the way for another year of growth and prosperity for the company.