AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Fecto Cement Limited, has notified shareholders of an upcoming Extraordinary General Meeting (EGM) scheduled for June 27, 2023, in Karachi. The primary agenda of the meeting is to deliberate on and potentially approve an increase in the authorized share capital of the company.
Currently, Fecto Cement Limited has an authorized share capital of PKR 750,000,000, divided into 75,000,000 ordinary shares valued at PKR 10 each. The proposed resolution seeks to raise the authorized share capital to PKR 3,750,000,000, divided into 375,000,000 ordinary shares also valued at PKR 10 each. This increase will involve the creation of 300,000,000 new ordinary shares.
To implement this resolution, certain amendments to the Memorandum of Association and the Articles of Association of the company are required. The amendments will reflect the updated share capital and share structure.
Additionally, during the EGM, shareholders will have the opportunity to discuss and vote on a special resolution to alter Clause 111 of the Articles of Association. The proposed alteration replaces the term “General Meeting” with “Board of Directors” in line with relevant provisions of the Companies Act, 2017.
The meeting will also address any other business matters brought forth with the permission of the Chair. Shareholders are advised that the share transfer books of Fecto Cement Limited will remain closed from June 20, 2023, until June 27, 2023, inclusive of both dates.
Abdul Wahab, the Company Secretary, has been granted the authority to undertake all necessary actions, including completing legal formalities and filing required documents, to implement the resolutions passed during the EGM.
The Extraordinary General Meeting presents an important opportunity for Fecto Cement Limited and its shareholders to shape the future of the company and drive its growth and expansion plans.