Baluchistan Glass Limited to Increase Authorized Share Capital, Amends Memorandum and Articles of Association

Lasbela, Baluchistan Glass Limited has announced an Extraordinary General Meeting (EOGM) scheduled for July 20, 2024, at the company’s registered office and through video link. The key agenda includes a significant increase in the company’s authorized share capital and amendments to its Memorandum and Articles of Association. The EOGM will facilitate member voting on the resolution, which aims to raise the capital from Rs. 2.666 billion to Rs. 7 billion.

NOTICE is hereby given that Baluchistan Glass Limited will conduct its EOGM at 11:00 AM on July 20, 2024. The meeting is crucial for approving an increase in the authorized share capital from Rs. 2,666,000,000 to Rs. 7,000,000,000. This change will involve creating 433,400,000 additional ordinary shares, maintaining the current number of 5,000,000 preference shares.

According to information available from the Pakistan Stock Exchange (PSX), the modification seeks to align the company’s capital structure with its strategic growth objectives. The new share distribution will consist of 695,000,000 ordinary shares and 5,000,000 preference shares, each valued at Rs. 10. This adjustment requires substituting Clause V of the Memorandum of Association and Article 4(a) of the Articles of Association to reflect the new capital structure.

The resolution authorizes the Chief Executive or any Director or the Company Secretary to undertake necessary actions to implement this change, including regulatory filings with the Registrar of Companies and the Securities and Exchange Commission of Pakistan.

The EOGM will also cover procedural aspects such as book closure from July 14 to July 20, 2024, during which no share transfers will be registered. The company has outlined details for both electronic and postal voting, available from July 17 to July 19, 2024, to accommodate shareholders unable to attend in person.

Members are reminded to bring their original CNIC to the meeting and, for corporate entities, a Board of Directors’ resolution or power of attorney is required. The company also encourages shareholders to update their contact details for efficient communication and voting during the EOGM.