Faran Sugar Mills Calls Extraordinary General Meeting to Approve Increase in Authorized Share Capital

Karachi, Faran Sugar Mills Limited has announced an Extraordinary General Meeting to be held on June 22, 2023, in Karachi. The meeting aims to address important matters concerning the company’s future operations.

The agenda of the meeting includes both ordinary and special business. Firstly, the shareholders will review and confirm the minutes of the Annual General Meeting held on January 27, 2023. Subsequently, they will focus on the special business, which involves considering an increase in the authorized share capital of the company.

The proposed resolution, recommended by the Board of Directors, suggests an increase in the authorized share capital from Rs. 400,000,000/- (Rupees Four Hundred Million only) to Rs. 2,400,000,000/- (Rupees Two Billion Four Hundred Million only). This increase would be achieved by creating 200,000,000 ordinary shares of Rs. 10/- each, which will rank pari passu with the existing ordinary shares of the company. The memorandum and articles of association of Faran Sugar Mills Limited would also be modified accordingly.

Furthermore, it has been decided that the Share Transfer Books of the company will remain closed from June 16, 2023, to June 22, 2023 (both days inclusive) due to the proposed alterations.