Cherat Cement Company Approves Financial Statements and Elects New Directors at 43rd AGM

Karachi: Cherat Cement Company Limited convened its 43rd Annual General Meeting (AGM) on October 25, 2023, where key resolutions were passed, including the approval of the annual financial statements for the year ended June 30, 2024, and the election of new directors for a three-year term.

The meeting, led by the company secretary, was certified in compliance with Clause 5.6.9.(b) of the Rule Book of the Pakistan Stock Exchange. The shareholders approved the audited financial statements for the year ending June 30, 2024, along with the directors’ and auditors’ reports, underscoring the company’s operational and financial progress during the period.

According to information available from the Pakistan Stock Exchange (PSX), Cherat Cement has demonstrated robust performance, which is reflected in the approved financial outcomes. Additionally, the AGM sanctioned a final dividend payment of 40% (Rs. 4 per share) plus an interim cash dividend of Rs. 1.50 per share already paid, as recommended by the board.

The AGM also marked significant governance changes, notably the appointment of Grant Thornton Anjum Rahman – Chartered Accountants as auditors for the upcoming term. Moreover, the company’s shareholders elected eight candidates as directors, which include Mr. Omar Faruque, Mr. Azam Faruque, and Mr. Akbarali Pesnani, among others, indicating a strategic refresh in its board’s composition.

The restructured board and new financial directives are poised to steer Cherat Cement through its next phases of development and market challenges, ensuring compliance and dynamic corporate governance.

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