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Karachi, Habib Sugar Mills Limited has announced an Extraordinary General Meeting of shareholders, scheduled to take place on June 23, 2023, in Karachi. The primary agenda of the meeting is to discuss and seek approval for the increase in the company’s authorized share capital.
The management of Habib Sugar Mills Limited has proposed to raise the authorized share capital from Rs. 750,000,000 (Rupees Seven Hundred and Fifty Million Only) to Rs. 7,000,000,000 (Rupees Seven Billion Only). This increase will be achieved by dividing the share capital into 1,400,000,000 Shares of Rs. 6/- each, as opposed to the current division of 150,000,000 Shares of Rs. 5/- each.
To implement the proposed increase in authorized share capital, the shareholders will be requested to pass special resolutions. The resolutions will authorize the Chief Executive, Chief Financial Officer, any director, and the Company Secretary to undertake all necessary actions, including the completion of legal formalities and documentation on behalf of the company.
Furthermore, the management has notified shareholders that the share transfer books of the company will remain closed from June 16, 2023, to June 23, 2023, inclusive. This closure will allow for smooth processing of the proposed changes.
Apart from the main agenda, the shareholders will have the opportunity to discuss and transact any other business with the permission of the Chairman during the Extraordinary General Meeting.