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Karachi, Air Link Communication Limited has announced an Extraordinary General Meeting (EGM) scheduled for June 26, 2023, in Lahore, Pakistan. The primary agenda of the meeting is to propose a Special Resolution to increase the authorized capital of the company. The current authorized share capital of Rs. 6,000,000,000 will be raised to Rs. 10,000,000,000, with the new shares ranking pari passu with the existing ordinary shares.
In addition to the capital increase, the Chief Executive Officer of Air Link Communication Limited will be granted the authority to execute all necessary legal and corporate formalities to implement the resolution effectively. The Chief Executive Officer and/or any Director of the company will also be empowered to take all required actions, including filing requisite documents, to comply with regulatory requirements.
Following the approval of the increase in authorized capital, the Board of Directors will be authorized to declare and issue bonus shares from the distributable profits/reserves and/or capital reserves of the company, subject to their discretion and not exceeding the quantum of reserves/undistributed profits.
Furthermore, the EGM will address the digitization of financial reporting. The members of Air Link Communication Limited will be asked to provide their consent and approval to circulate the annual audited financial statements through QR-enabled codes and web links. The circulation of financial statements through traditional means, such as CD/DVD/USB, will be discontinued. The Company Secretary will be authorized to undertake all necessary actions to implement this resolution.
Lastly, the meeting will be open to discussing any other business that is brought forward and granted permission by the Chair.
To facilitate the proceedings, the Share Transfer Books of Air Link Communication Limited will be closed from June 20, 2023, to June 26, 2023, inclusive. This closure period will allow for the necessary administrative adjustments related to the proposed resolutions.