Al Shaheer Corporation Announces Resignation of CEO and Temporary Closure of Karachi Plant

Karachi, Al Shaheer Corporation, in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Regulations, has announced two significant developments in its corporate structure and operations. The Board of Directors, in its meeting on January 25, 2024, has accepted the resignation of Mr. Kamran Ahmed Khalili from his position as the Director and Chief Executive Officer (CEO) of the company, effective April 24, 2024. The company will announce the appointment of a new CEO in due course.

In addition to the executive change, Al Shaheer Corporation has also decided to temporarily close its Karachi Plant for maintenance. This decision, made upon the recommendation of the management, will see the plant closed for a period of two weeks starting from January 26, 2024. This closure is aimed at enhancing the plant’s operational efficiency and maintaining the quality of the company’s production processes.

These decisions are part of Al Shaheer Corporation’s ongoing efforts to optimize its leadership and operational effectiveness. The resignation of the CEO marks a significant transition in the company’s leadership, while the temporary closure of the Karachi Plant underscores the company’s commitment to maintaining high standards in its operations.