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Karachi, Crescent Steel and Allied Products Limited announced the withdrawal of its proposed resolution to increase the authorized share capital of the company from Rs. 1 billion to Rs. 5 billion. The decision was made by the Board of Directors, who stated that the agenda item would no longer be pursued.
However, other agenda items remain intact and will be addressed during the Extraordinary General Meeting (EOGM) scheduled to take place on June 21, 2023, at Lahore and via video-link. These agenda items were initially proposed by the Board of Directors during their meeting held on May 30, 2023.
This resolution suggests that any moneys, investments, or other assets forming part of the undivided profits of the company, which are available for dividend or represent premiums received on the issuance of shares, can be capitalized and distributed to the entitled members.
The Board of Directors believes that this distribution or payment would provide full satisfaction to the members’ interests in the capitalized sum.
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