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Islamabad: Baluchistan Glass Limited has officially increased its authorized share capital from 2.66 billion rupees to 7 billion rupees following a special resolution passed at the Extraordinary General Meeting held at the company’s registered office on July 20, 2024. This significant adjustment in the company’s financial structure aims to facilitate the creation of additional shares and adjust the company’s governing documents.
According to information available from the Pakistan Stock Exchange (PSX), the meeting saw the adoption of a resolution which revises the authorized share capital, reflecting an increase by creating an additional 433.4 million ordinary shares. Each of these shares is valued at 10 rupees, aligning with the existing ordinary shares of the company in terms of rank and passu.
Further resolutions at the meeting confirmed that the existing clause V of the Memorandum of Association and Article 4(a) of the Articles of Association would be revised to reflect the new capital structure. The updated clause stipulates that the authorized capital will now be divided into 695 million ordinary shares and 5 million preference shares, each valued at 10 rupees.
Additionally, the meeting empowered the Chief Executive, Directors, or Company Secretary to perform all necessary actions to implement these changes. This includes filing the required documents with the Registrar of Companies and the Securities and Exchange Commission of Pakistan, ensuring compliance with all regulatory demands.
The enhancement of the authorized share capital is part of Baluchistan Glass Limited’s strategic financial planning, intending to expand operational capabilities and improve financial flexibility.