AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Pakistan Cables Limited has scheduled an Extraordinary General Meeting (EOGM) on June 22, 2023, in Karachi, along with an online Zoom Application session, to address key matters pertaining to the company. The meeting aims to deliberate on important resolutions, including the confirmation of the previous EOGM’s minutes and considering a capital increase, as well as amending the Articles of Association.
The first item on the agenda involves the confirmation of the minutes from the previous Extraordinary General Meeting held on May 4, 2023. This routine business will set the groundwork for subsequent discussions.
The second item, the special business, revolves around a crucial resolution. The shareholders will deliberate on authorizing an increase in the company’s authorized share capital from Rs. 100,000,000 (hundred million) divided into 50,000,000 shares of Rs. 10 each to Rs. 3,000,000,000 (three billion) divided into 300,000,000 shares of Rs. 10 each. This resolution also involves substituting Clause 5 of the Memorandum of Association with a new clause that enables the capital to be increased or reduced in accordance with the company’s regulations and legislative provisions.
Furthermore, it will be proposed that the newly issued shares carry equal voting rights and rank on par with the existing ordinary shares, in accordance with the provisions of the Companies Act, 2017. The Chief Executive Officer and the Company Secretary will be authorized to undertake the necessary actions, including filing requisite documents with the Registrar, to implement these resolutions.
This amendment, subject to approval, will grant the Board of Directors the authority to allocate any unutilized funds, reserves, or profits as bonus shares or debentures to the company’s members, in accordance with applicable provisions of the Companies Act, 2017. The Chief Executive Officer and the Company Secretary will be authorized to take all necessary actions to effectuate this resolution.
To facilitate the meeting, the Shares Transfer Books of Pakistan Cables Limited will remain closed from June 18, 2023, to June 22, 2023 (both days inclusive). Shareholders are encouraged to actively participate in the EOGM to discuss and decide on these crucial matters that will shape the company’s future prospects.