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Lahore: Nishat (Chunian) Limited has announced an Extraordinary General Meeting (EoGM) scheduled for August 17, 2024, at their headquarters in Lahore. The meeting is set to discuss and potentially approve a scheme of arrangement involving Nishat Chunian Power Limited and shareholders Mr. Shahzad Saleem and Nishat Mills Limited. This decision follows a directive from the Lahore High Court dated July 3, 2024, addressing a proposed compromise and restructuring within the entities.
The agenda of the EoGM includes a special resolution to endorse the Scheme of Arrangement, which was initially reviewed and initialed by the meeting’s chairman for identification purposes. The scheme aims for a strategic realignment and operational restructuring among the participating companies and their members. According to information available from the Pakistan Stock Exchange (PSX), Barrister Khurram Raza has been appointed to oversee the proceedings as the chairman, a role sanctioned by the Lahore High Court.
Additionally, the company has outlined procedural details for voting, which include options for electronic voting and postal ballots. The electronic voting process is scheduled to commence on August 13 and conclude on August 16, 2024. For shareholders preferring postal ballots, the company has made provisions to download ballot papers from their website, ensuring accessibility and compliance with regulatory guidelines.
In preparation for the EoGM, Nishat (Chunian) Limited has made relevant documents, including the scheme’s details, financial statements, and regulatory approvals available for shareholder review at the registered office. The shareholders’ register will remain closed from August 8 to August 17, 2024, to facilitate the administrative arrangements for the meeting.
This forthcoming meeting underscores a significant potential restructuring within the Nishat group, involving key stakeholders and affecting the strategic direction of both Nishat (Chunian) Limited and Nishat Chunian Power Limited.