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Lahore, Nishat Mills Limited has issued a notice for an Extraordinary General Meeting (EGM) to be held at the Nishat Hotel, Trade and Finance Centre, Lahore, on June 11, 2024. According to information available from the Pakistan Stock Exchange (PSX), the meeting will address proposed amendments to the company’s investment in Nishat Sutas Dairy Limited (NSDL), including a substantial increase in equity investment. The EGM will focus on special resolutions to boost the company’s investment in NSDL by PKR 2 billion, raising the total investment to PKR 5 billion. This move follows the initial approval for equity investment in NSDL during an earlier EGM on June 19, 2023. The additional funds aim to support NSDL’s project of establishing a dairy production facility amid rising costs due to inflation and currency depreciation.
Furthermore, the meeting will consider authorizing the disposal of parts or all equity investments as necessary, with top executives empowered to execute related decisions. This includes the potential decline of right shares entitlement from investee companies. Additional provisions discussed will include the facilitation of electronic participation in the EGM through a video link, e-voting prior to the meeting, and the use of postal ballots for voting. Shareholders unable to collect dividends or physical shares are encouraged to contact the Share Registrar. The EGM will also address a scheme of arrangement for share swaps between Nishat (Chunian) Limited and Nishat Chunian Power Limited, pending approval from the Lahore High Court. This involves exchanging shares held by the company in Nishat (Chunian) Limited for additional shares in Nishat Chunian Power Limited. Lastly, the notice highlighted the importance of converting physical shares into book-entry form, stressing the benefits such as security and ease
of transfer, to comply with the directives of the Securities & Exchange Commission of Pakistan.