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KARACHI: The Fortyfourth Annual General Meeting of ICI Pakistan Limited was held on Wednesday at the Avari Towers Hotel.

Naseem S. Mirza, Chairman of Board of Directors, confirmed that he will continue as non-Executive Chairman for the next year but will step down after the Fortyfifth Annual General Meeting to be held sometime in March/April 1997.

Results showed a record-breaking performance by the Company with total turnover exceeding Rs 7 billion, up 26 percent over last year. Operating profit surpassed the Rs 1 billion mark for the first time, showing an increase of 9 percent over the previous year. The shareholders have already received a cash dividend of 50 percent (Rs 5 per share), in line with the distribution made in 1994.

Company has already announced the setting up of a $450 million PTA Plant at Port Qasim which will start commercial production before the end of 1997. To facilitate equity requirements of the Project, the shareholders approved increase in the Authorised Capital of the Company from Rs 3 billion to Rs 10 billion.

Photograph shows Naseem S. Mirza, Chairman (4th left) and Munnawar Hamid, Chief Executive handling the questions from the shareholders.