Dewan Farooque Motors to Discuss Loan Conversion at Extraordinary Meeting

Karachi: Dewan Farooque Motors Limited (DFML) has scheduled an Extraordinary General Meeting (EOGM) for Tuesday, August 27, 2024, at 12:30 p.m. The meeting will take place at the Dewan Cement Limited Factory Site in Deh Dhando, Dhabeji, District Malir, Karachi. The agenda includes the confirmation of minutes from the previous EOGM and a special resolution regarding the conversion of loans into equity.

The special resolution pertains to the conversion of outstanding loans from its Sponsor and Associated Company, Dewan Motors (Private) Limited, into company equity, a move proposed under Section 83 of the Companies Act, 2017. This decision follows a Statement under Section 134(3) of the Companies Act, 2017, attached to the notice and circulated to company members as an integral part of the meeting’s agenda.

According to information available from the Pakistan Stock Exchange (PSX), this corporate action involves strategic financial restructuring aimed at enhancing the equity base of the company.

The Share Transfer Books of the company will remain closed from August 20, 2024, to August 27, 2024. Proxies for the meeting must be submitted at least 48 hours in advance, and various guidelines have been provided for both physical and virtual attendees, including identity verification procedures and specific requirements for corporate entities.

Additionally, DFML has enabled electronic participation and voting for this EOGM, reflecting a shift towards more digitally inclusive governance practices. Shareholders wishing to attend electronically must register in advance, and e-voting will be available for special agenda items from August 20, 2024, until the close of voting on August 26, 2024.

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