Gharibwal Cement Limited Announces Board Meeting Decisions and EOGM

Karachi, Gharibwal Cement Limited (GCL) conducted a board meeting on January 24, 2024, in Lahore and via an online platform, where significant decisions were made regarding the company’s governance and financial strategy.

The Board of Directors decided that the total number of directors for GCL will be nine (9) for a term of three years, starting from February 28, 2024. This decision aligns with the company’s strategic plan for governance and management for the upcoming term.

Furthermore, GCL obtained the consent and approval of its members under section 199 of the Companies Act 2017 for the issuance of a Corporate Guarantee. The guarantee, amounting up to Rs. 3 billion, is in favor of banks and financial institutions. This Corporate Guarantee will support Balochistan Glass Limited, an associated company of GCL, for a period of five years. This move indicates GCL’s commitment to supporting its associated enterprises and strengthening its corporate relationships.

The company also announced that an Extraordinary General Meeting (EOGM) will be convened by the end of February 2024. The purpose of this meeting is to address these key decisions and further actions as required. The notice for this EOGM will be published in due course, ensuring transparency and compliance with regulatory requirements.

These developments at Gharibwal Cement Limited reflect the company’s ongoing efforts to adhere to corporate governance norms and enhance its financial and operational strength in the industry.