Karachi, Gharibwal Cement Limited has announced an Extraordinary General Meeting (EOGM) scheduled for June 20, 2023, in Lahore. The meeting will address important matters concerning the company, including the confirmation of minutes from the previous Annual General Meeting (AGM) held on October 27, 2022. However, the focus of the EOGM will be on special business proposals, with one major agenda item being the proposed increase in authorized capital.
The company aims to boost its authorized capital from Rs. 8,000 million to Rs. 14,000 million. In order to achieve this, the Memorandum & Articles of Association of Gharibwal Cement Limited will need to be amended accordingly. The meeting will seek to pass special resolutions to implement the proposed changes, which include increasing the authorized share capital from Rs. 8,000,000,000 to Rs. 14,000,000,000. This would involve adding 600,000,000 ordinary shares of Rs. 10/- each, resulting in a total of 1,400,000,000 ordinary shares.
Furthermore, the EOGM will discuss the amendment of Clause 113 of the Articles of Association, specifically related to the Capitalization of Reserves. The proposed change aims to authorize the Board of Directors (BOD) to handle matters concerning capitalization of reserves, replacing the existing requirement for approval by a General Meeting. This modification would provide the BOD with greater flexibility and efficiency in managing the company's financial resources.
In addition to the aforementioned agenda items, the EOGM will also allow for the transaction of any other business that receives permission from the chair. Shareholders are advised that the company's share transfer books will be closed from June 13 to June 20, 2023, inclusive of both dates.
The Extraordinary General Meeting holds great significance for Gharibwal Cement Limited, as the proposed changes in authorized capital and capitalization of reserves are expected to shape the company's future financial strategies and ensure its continued growth and stability in the cement industry.