Karachi: Towellers Limited has scheduled its 51st Annual General Meeting (AGM) for October 27, 2024, at its head office in Block-1 Federal B Area, Karachi, where stakeholders will address key fiscal summaries and personnel changes. The meeting will confirm the minutes of the previous AGM held on October 26, 2023, and review the company’s audited financial statements for the year ended June 30, 2024. The financial statements include comprehensive reviews from the chairman, directors, and auditors.

The agenda also includes the election of eight directors for a three-year term, adhering to the company’s governance guidelines under section 159 of the Companies Act, 2017. The directors named for retirement and eligible for re-nomination are Mahjabeen Obaid, Mehreen Obaid Agha, Sana Bilal, Hadeel Obaid, Zeeshan K. Sattar, Vally Tariq Rangoonwala, Muhammad Sarfraz, and Niaz Muhammad.

Further, the board proposes a final cash dividend of PKR 8 per share, representing an 80% dividend rate, highlighting the company’s robust financial health and commitment to shareholder value.

In addition, the meeting will appoint auditors for the fiscal year 2024-2025 and set their remuneration. This action aligns with the company's strategy to maintain rigorous financial oversight and transparency in its operations. According to information available from the Pakistan Stock Exchange (PSX), these steps are part of Towellers Limited's broader efforts to ensure sustainable growth and compliance with regulatory standards.

The gathering will also include discussions on various other business items with the chair’s permission, ensuring a comprehensive review of Towellers Limited's strategic and operational directions.