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Karachi, Shareholders of Dawood Lawrencepur Limited convened in an Extraordinary General Meeting held on July 13, 2023, in Karachi and via video link. The meeting addressed special business matters, resulting in the adoption of significant resolutions related to the company’s operations and communication practices.
The first special resolution focused on the renewal of an unsecured subordinated loan facility provided to Tenaga Generasi Limited (TGL), a subsidiary company of Dawood Lawrencepur Limited. The shareholders, in accordance with Section 199 of the Companies Act, 2017, and other applicable laws, approved the renewal of the loan facility for a further one-year period. The facility is valued at up to PKR 1.0 billion, and the terms and conditions were previously disclosed to the shareholders in the statement of material facts. The Chief Executive Officer, Chief Financial Officer, and Company Secretary were jointly authorized to execute all necessary actions and agreements to implement the resolution.
The second ordinary resolution focused on the circulation and dissemination of Annual Audited Financial Statements to shareholders. The shareholders approved the use of QR-enabled codes and weblinks, in compliance with S.R.O. 389 (1)/2023 issued by the Securities and Exchange Commission of Pakistan on March 21, 2023. This resolution allows for the distribution of financial statements through digital mediums instead of transmitting them in the form of CD/DVD/USB. The Chief Executive Officer and/or Company Secretary were authorized to take all necessary actions to implement the resolution and ensure compliance with regulatory requirements.
The approval of these resolutions showcases Dawood Lawrencepur Limited’s commitment to transparent communication and prudent financial management. The renewal of the loan facility will provide continued support to TGL, facilitating its operations and growth as a subsidiary. The adoption of digital distribution methods for financial statements aligns with modern technological advancements and regulatory guidelines, enabling efficient access to information for shareholders.
Dawood Lawrencepur Limited will proceed with the necessary steps to implement these resolutions effectively. The company’s focus remains on optimizing operations, maximizing shareholder value, and adhering to regulatory frameworks.
Market participants and stakeholders will closely monitor the outcomes and subsequent actions taken by Dawood Lawrencepur Limited following the approval of these resolutions. The decisions made during the Extraordinary General Meeting reflect the company’s commitment to sustainable growth and transparent corporate practices.
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