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Karachi, In a surprising turn of events, Mahmood Textile Mills Limited announced the cancellation of its scheduled Extraordinary General Meeting (EOGM) and the decision not to increase the authorized share capital of the company. The Board of Directors made this unexpected move, altering the company’s plans for expansion and growth.
The Notice of the Extraordinary General Meeting, which was initially slated to take place on June 22, 2023, has been officially withdrawn and canceled. This decision comes as a significant development, as shareholders and stakeholders had eagerly awaited the meeting to discuss matters related to the company’s future trajectory.
Additionally, the proposed change in the Articles of Association, aimed at capitalizing reserves, and the introduction of QR-enabled codes and weblinks for the circulation of the company’s annual audited financial statements, have been deferred. These changes were originally approved during a Board meeting held on May 31, 2023. However, they will now be discussed and reconsidered in the next general meeting of the company.
Furthermore, the Book Closure, which had been scheduled to run from June 15, 2023, to June 22, 2023, specifically for the EOGM, has been entirely canceled, leaving shareholders wondering about the reasons behind this unexpected decision.
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