Cnergyico Pk Limited Announces Extraordinary General Meeting for Corporate Reorganization

Karachi, Cnergyico Pk Limited has scheduled an Extraordinary General Meeting (EGM) for March 26, 2024, to discuss significant corporate restructuring and merger activities, as per a notice provided to the Pakistan Stock Exchange. The meeting will be held at the Moosa D. Desai Auditorium of The Institute of Chartered Accountants of Pakistan in Clifton Karachi with an option for participation through a video link facility.

The EGM follows an order from the High Court of Sindh at Karachi dated February 6, 2024, concerning Civil Miscellaneous Application No. 169 of 2024. The corporate reorganization includes the bifurcation or separation of Cnergyico Pk Limited into six segments or undertakings and the subsequent merger of these segments with their respective wholly-owned subsidiaries: Bosicorco ORB 1 (Private) Limited, Bosicorco ORB 2 (Private) Limited, Bosicorco OMB 1 (Private) Limited, Bosicorco OSB 2 (Private) Limited, Bosicorco CPB 1 (Private) Limited, and Cnergyico Isomerate Pk (Private) Limited.

The resolution proposes the separation of Cnergyico Pk Limited into distinct entities, followed by the amalgamation of these entities with their corresponding subsidiaries. The reorganization is outlined in the Scheme of Arrangement dated January 22, 2024, which was approved by the Board of Directors on December 21, 2023. The resolution requires approval by the requisite majority of the company’s members under Sections 279 and 282 of the Companies Act, 2017, and is subject to subsequent sanction by the High Court of Sindh at Karachi.

Additionally, the EGM will address other business matters that may be presented with the chair’s permission. Shareholders are encouraged to vote through postal ballots for the special business to be transacted at the meeting.