Ismail Industries Limited Announces 36th Annual General Meeting in Karachi

Karachi: Notice has been issued for the 36th Annual General Meeting (AGM) of Ismail Industries Limited, scheduled to take place on October 9, 2024, in Karachi. The AGM will cover a range of ordinary and special business items, including the approval of the latest financial statements and dividend payouts, and the reappointment of auditors.

The company will seek shareholder approval for the minutes of the previous AGM held on October 23, 2023. Additionally, shareholders will review and potentially adopt the audited financial statements for the fiscal year ending June 30, 2024, which have been made available online in compliance with regulatory requirements. According to information available from the Pakistan Stock Exchange (PSX), a final dividend payment of 100% (Rs. 10 per share) has been proposed by the board for the said fiscal year.

Auditors for the next fiscal year will be appointed, with M/s. Grant Thornton Anjum Rahman, Chartered Accountants, recommended for reappointment. Furthermore, various transactions with related parties throughout the fiscal year will be scrutinized and subject to approval or ratification.

Special business includes the proposed enhancement of equity investments in Ismail Resin (Private) Limited for setting up a Recycle Polyester Resin manufacturing facility, with an increased investment amounting to Rs. 3.94 billion. Other key proposals involve renewing several intercompany loans and approving a substantial investment of up to $10 million for establishing a new subsidiary, Bisconni Middle East Manufacturing LLC, in Abu Dhabi.

The meeting will also address potential financial assistance and guarantees to subsidiary companies, aimed at bolstering their operational capabilities and financial stability.

The AGM will conclude with the opportunity to transact other business as permitted by the chair, ensuring comprehensive coverage of all essential corporate matters.

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