Thatta Cement Announces Dividend and Reelects Auditors at Annual General Meeting

Karachi: Thatta Cement Company Limited has approved a final cash dividend and reappointed its external auditors at its recent Annual General Meeting held on October 15, 2024. The resolutions, detailed in a certified document submitted to the Pakistan Stock Exchange, reflect significant decisions made by the shareholders regarding the company’s financial and operational directives.

During the meeting, shareholders confirmed the minutes from the previous year’s meeting and approved both the unconsolidated and consolidated financial statements for the year ending June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company’s annual reports received unanimous support, with no modifications suggested by the board or the attending members.

A noteworthy financial decision was the approval of a final cash dividend of Rs. 1 per share for the fiscal year ended June 30, 2024, earmarked for minority shareholders. This dividend represents a 10% payout of the paid-up shares, valued at Rs. 10 each. The dividend approval was based on recommendations from a board meeting on August 20, 2024, with the share registry closure scheduled from October 8 to October 15, 2024, to facilitate this distribution.

Additionally, the company reappointed BDO Ebrahim and Co., Chartered Accountants, as their statutory external auditors for the fiscal year 2024-2025. The auditors’ reappointment was agreed upon without any alterations to the terms and conditions previously set by the Board of Directors.

The meeting also saw the election of a new board of directors for a three-year term starting October 15, 2024, under Section 159(5) of the Companies Act, 2017. The newly elected board members include Khawaja Muhammad Salman Younis, Kamran Munir Ansari, Naheed Memon, Saleem Zamindar, Noor Muhammad, Alamuddin Bullo, and Shaista Bano Gilani.

Thatta Cement continues to uphold its commitment to corporate governance and shareholder value, as evidenced by these resolutions. The company’s transparent and rigorous approach to its financial and operational management was clearly articulated through the proceedings and subsequent reporting to the Pakistan Stock Exchange.

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