Karachi: In a significant corporate update, Towellers Limited has disclosed the outcomes of its 51st Annual General Meeting held on October 25, 2024, with substantial decisions including the election of board members and the declaration of a notable final cash dividend. The company, listed on the Pakistan Stock Exchange, confirmed these developments in a formal communication addressed to the general manager of the Pakistan Stock Exchange Ltd.

The annual meeting led to the approval of the minutes from the previous year's meeting, held on October 26, 2023. Furthermore, shareholders ratified the audited financial statements for the fiscal year ending June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the audited documents, along with directors and auditors' reports, have been accepted as a comprehensive reflection of the company’s financial health.

In board elections, eight directors were elected for a three-year term, pursuant to the provisions of the Company Act, 2017. The newly elected board members include Ms. Mahjabeen Obaid, Ms. Mehreen Obaid Agha, Ms. Sana Bilal, Ms. Hadeel Obaid, Mr. Zeeshan K. Sattar, Niaz Muhammad, Mr. Valy Tariq Rangoonwala, and Mr. Muhammad Sarfraz, signaling a blend of continuity and new insights for the company’s strategic direction.

Additionally, Towellers Limited declared a final cash dividend of 80%, equating to PKR 8 per share. This declaration underscores the company's continued commitment to delivering shareholder value and reflects its financial performance over the past fiscal year.

These decisions reflect Towellers Limited's adherence to regulatory requirements and its dedication to corporate governance and shareholder returns.