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Karachi, During a shareholders’ meeting held on June 24, 2023, Punjab Oil Mills Limited announced the passing of two significant special resolutions.
Resolution 1: Share Capital Increase
Shareholders approved the increase of the authorized share capital of the company from PKR 100,000,000/- to PKR 170,000,000/-. This increase entails the creation of 7,000,000 additional ordinary shares, each with a par value of PKR 10/-. The newly created shares will rank pari passu with the existing ordinary shares of the company.
As a result of this resolution, the existing clause V of the Memorandum of Association and Article 4 of the Articles of Association will be amended to reflect the revised authorized share capital of PKR 170,000,000/- divided into 17,000,000 ordinary shares.
The Chief Executive Officer and/or the Company Secretary are authorized to undertake all necessary steps and fulfill legal, corporate, and procedural formalities related to this share capital increase, including filing the required documents and returns.
Resolution 2: Digital Distribution of Annual Reports
The second resolution approved by the shareholders pertains to the distribution of the company’s annual report. It was resolved that Punjab Oil Mills Limited may now circulate its annual report, which includes annual audited financial statements, auditor’s report, Directors’ report, Chairman’s review report, and other relevant reports, to the members of the company through a QR-enabled code and web link.
This digital distribution method replaces the previous practice of distributing CD/DVD/USB/hard copies of the audited financial statements and annual reports.
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