JDW Sugar Mills Ltd. Announces Sale of Faruki Pulp Mills’ Project Land

Karachi, JDW Sugar Mills Ltd. has disclosed a series of resolutions passed during the Annual General Meeting of its subsidiary, Faruki Pulp Mills Limited (FPML), held on January 23, 2024. The key resolution involved the sale of the entire project land of FPML, located in Mouza Mangowal, Tehsil and District Gujrat.

The decision, as conveyed in compliance with Section 96 of the Securities Act, 2015 and Rule 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange (PSX), is a continuation of earlier approvals dated December 13, 2021, and January 23, 2023. The resolutions authorize the sale of the FPML land, comprising 243 Kanals and 18 Marlas, either in parts or entirely, to prospective buyers.

The Board of FPML has been empowered to handle all aspects of the sale, including negotiations, finalizing transactions, and signing necessary agreements with potential buyers. This decision aims to ensure the best market price for the land and includes receiving and utilizing the sale proceeds.

Further resolutions empower the Company Secretary and the Chief Financial Officer of FPML, either jointly or severally, to execute all formalities related to the sale transaction and to address any encumbrances on the property.

Additionally, the company is authorized to take all incidental actions concerning the sale of the FPML land. The Board of FPML is also granted the power to modify these resolutions as directed by the Securities and Exchange Commission of Pakistan (SECP) or any other government authority, without further shareholder approval.

Certified copies of these resolutions will be communicated to concerned authorities and will remain in effect until formally revoked. The resolutions also retrospectively validate all acts and negotiations undertaken by FPML’s Board of Directors and other representatives in relation to the asset’s sale since the initial approvals.