Thal Industries to Purchase Key Land Parcel for Expansion Through Shareholder Approval

Lahore: The Thal Industries Corporation Limited (TICL) has scheduled an Extraordinary General Meeting (EOGM) on Friday, September 27, 2024, to seek shareholder approval for a significant land acquisition adjacent to its Layyah Sugar Mills unit. The meeting will be held at 15:00 hours at the company’s registered office in Multan and through a video link via the Zoom application.

The primary agenda of this meeting is to approve a related party transaction involving the purchase of 112 Kanals and 11 Marlas of freehold land from Mr. Muhammad Shamim Khan, the Chief Executive Officer of the company. The land, valued at Rupees 2,004.55 million by an independent valuer, is strategically located next to Unit No. 1 of the company in Mandi Town, Layyah, and is intended for expanding the company’s molasses, bagasse, and sugarcane storage capacities.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition is crucial for TICL to support its operational expansion. The resolution to approve this transaction will be presented for shareholder voting under Section 208 of the Companies Act, 2017.

The company has also outlined the procedural details for shareholders wishing to participate either physically or online. For online participants, pre-registration is required by the close of business hours on September 26, 2024. Moreover, the company has advised that its Share Transfer Books will remain closed from September 21 to September 27, 2024.

This strategic acquisition is expected to enhance the operational capabilities of Thal Industries, ensuring sustained growth and efficiency in its operations. Shareholders are encouraged to review the transaction details and participate actively in the EOGM.

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