Sapphire Textile Mills Limited to Hold Extraordinary General Meeting for Proposed Increase in Authorized Share Capital

Karachi, Sapphire Textile Mills Limited has announced that an Extraordinary General Meeting of shareholders will be held on June 21, 2023, in Karachi. The primary agenda of the meeting is to discuss and potentially pass special resolutions related to an increase in authorized share capital, leading to alterations in the company's memorandum and articles of association.

The ordinary business of the meeting will involve confirming the minutes of the previous General Meeting. However, the special business holds greater significance, as shareholders will deliberate on four special resolutions regarding the proposed increase in authorized capital. The resolutions aim to raise the authorized share capital from Rs. 350,000,000/- to Rs. 25,350,000,000/-.

The first resolution (a) seeks to increase the authorized share capital from Rs. 350,000,000/- to Rs. 25,350,000,000/-. The second resolution (b) proposes altering the figures and words in the Memorandum of Association to reflect the new capital amount. Similarly, the third resolution (c) suggests modifying the Articles of Association accordingly. The fourth resolution (d) grants authorization to the Chief Financial Officer and/or Company Secretary to take necessary actions to implement the resolutions and fulfill legal requirements.

Additionally, the meeting agenda allows for the discussion and transaction of any other business with the chairperson's permission. The notice also mentions that a statement under Section 134(3) of the Companies Act 2017, along with the status of investments related to material facts, has been sent to shareholders.

This Extraordinary General Meeting presents an opportunity for shareholders of Sapphire Textile Mills Limited to have their voices heard and play a crucial role in shaping the future direction of the company.