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Karachi, In a recent board meeting held in Karachi on May 31, 2023, the Board of Directors of Matco Foods Limited has made significant recommendations for the company’s future. The key decisions include increasing the authorized share capital and the closure of share transfer books.
The board unanimously agreed to propose an increase in the authorized share capital of Matco Foods Limited from Rs. 2,000,000,000 to Rs. 7,000,000,000. This substantial increase will be achieved by creating 500,000,000 additional shares valued at Rs. 10 each. As a result, the existing figures of Rs. 2,000,000,000 and 200,000,000 ordinary shares mentioned in clause E of the memorandum of association and article 3 of the company will be substituted with the figures Rs. 7,000,000,000 and 700,000,000 ordinary shares, respectively.
Furthermore, in light of these developments, the Share Transfer Books of Matco Foods Limited will be temporarily closed from June 15, 2023, to June 21, 2023, inclusive. During this period, shareholders will not be able to transfer their shares. This closure aims to facilitate the necessary administrative procedures and ensure a smooth transition in accordance with the recommended changes.
These decisions are a testament to Matco Foods Limited’s commitment to growth and its strategic vision for the future. The increase in authorized share capital will provide the company with enhanced financial flexibility, enabling it to pursue new opportunities and expand its operations. The closure of share transfer books is a necessary step to implement these changes effectively and efficiently.
Investors and stakeholders are encouraged to stay informed and take note of the closure dates for the Share Transfer Books. Matco Foods Limited remains dedicated to its shareholders and will continue to communicate any further updates or necessary instructions regarding these developments.