Sapphire Fibres Limited Proposes Significant Increase in Authorized Share Capital and Amendments to Articles of Association

Karachi, In a crucial development, Sapphire Fibres Limited has put forth two major agenda items for consideration during their upcoming shareholders’ meeting. The first agenda proposes a substantial increase in the company’s authorized share capital, while the second agenda seeks to amend the Articles of Association.

Under agenda item number two, the resolution suggests a significant boost in Sapphire Fibres Limited’s authorized share capital from Rs. 350,000,000/- to an impressive Rs. 27,350,000,000/-. This change, if approved, would raise the company’s capital to Rupees Twenty Seven Billion Three Hundred Fifty Million, demonstrating a bold commitment to growth and expansion.

Furthermore, the Memorandum of Association and Articles of Association are set to undergo alterations, as outlined in agenda item number two. Specifically, the existing figures and words Rs. 350,000,000 (Rupees Three Hundred Fifty Million) and 35,000,000 (Thirty Five Million) appearing in certain clauses will be substituted with Rs. 27,350,000,000/- (Rupees Twenty Seven Billion Three Hundred Fifty Million) and 2,735,000,000 (Two Billion Seven Hundred Thirty Five Million) respectively. These modifications aim to align the company’s founding documents with the proposed increase in authorized share capital.

To ensure the seamless implementation of the aforementioned resolutions and to complete any required corporate and legal formalities, the Chief Financial Officer and/or Company Secretary have been granted the authority to undertake any necessary actions.