Waves Corporation Limited Holds Annual General Meeting, Approves Audited Financial Statements and Reappoints Auditors

Karachi, Waves Corporation Limited has officially filed a certified copy of resolutions passed during its Annual General Meeting (AGM), held on April 29, 2024, at the company’s registered office. The meeting, presided over at 12:30 p.m., addressed several key agenda items crucial for the company’s operations for the fiscal year.

The shareholders received, considered, and adopted the annual audited financial statements for the year ended December 31, 2023. These included detailed reports from the directors and auditors, which were approved and adopted as part of the ordinary business conducted.

Further, the AGM saw the reappointment of the company’s statutory auditors, M/s Rizwan and Company, Chartered Accountants, based in Lahore. The retiring auditors were reappointed for the upcoming fiscal year ending December 31, 2024, with their remuneration maintained at the current level.

Special business included the approval of related party transactions conducted during the 2023 financial year with various affiliated entities such as Waves Home Appliances Limited and Waves Marketplace Limited. Additionally, the meeting granted approval for extending the tenure of a significant receivable of PKR 2.0 billion from Waves Home Appliances Limited. The tenure extension will begin after the current term expires on May 27, 2024, and will continue under the same terms and conditions for an additional two years.

The shareholders also endorsed the board of directors’ authority to manage all related party transactions on a case-by-case basis throughout the 2024 fiscal year. These transactions are to be ratified formally at the next AGM.