Shareholders Unanimously Approve Key Resolutions at Mari Petroleum Company’s 39th Annual General Meeting

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Karachi, At the 39th Annual General Meeting of Mari Petroleum Company Limited held on September 26, 2023, shareholders came together to unanimously adopt several crucial resolutions concerning the company’s financial performance and corporate governance.

Resolution I: Shareholders voted unanimously to approve the audited accounts of the company for the fiscal year ending June 30, 2023, as certified by the independent auditors, M/s A.F. Ferguson & Co., Chartered Accountants. The audited accounts, along with Directors’ and Auditors’ Reports, garnered unanimous support from the shareholders.

Resolution II: In a unanimous decision, shareholders approved the final cash dividend for the fiscal year ending June 30, 2023, at the rate of Rs. 58 per share (580%). This dividend, as recommended by the Board of Directors, is in addition to the interim dividend of Rs. 89 per share (890%) already paid out during the year. Furthermore, shareholders resolved to withhold the dividend on 5% Bonus Shares, which are currently subjudice before the Sindh High Court (SHC), until a final decision is reached by the SHC on the matter.

Resolution III: The shareholders also unanimously endorsed the appointment of M/s A.F. Ferguson & Co., Chartered Accountants, as the Statutory Auditors of the company for the financial year 2023-24, at a fee recommended by the Board of Directors. This decision reflects shareholders’ confidence in the auditing firm’s expertise and integrity.

These unanimous resolutions indicate a strong vote of confidence in Mari Petroleum Company Limited’s financial practices, corporate governance, and the direction in which the company is heading. The company’s commitment to transparency and sound financial management is well-received by its shareholders, reaffirming Mari Petroleum’s position as a trusted entity in the energy sector.

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