Nimir Industrial Chemicals Limited’s material information under clause (xxiii) of the code of corporate governance

Karachi: We hereby disseminate the following material information as required under clause (xxiii) of the Code of Corporate Governance:

1. Change in the Board of Directors

The following changes have been made by the Board of Directors of the Company in their meeting held today.

1. M/s Khalid Mumtaz Qazi and Aamir Jamil have been appointed as Directors on the Board with immediate effect in place of M/s Louis Tucker Link and Eric Tucker Link respectively.

2. Mr. Abdul Jalil Jamil has been appointed as Chairman of the Board in place of Mr. Louis Tucker Link.

3. Mr. Abdul Jaleel Shaikh has been appointed as Nominee Director on the Board of the Company as nominated by Pak Brunei Investment Company Limited.

4. Syed Abdul Razzaq has been appointed as Nominee Director on the Board of the Company as nominated by The Bank of Punjab.

2. Waiver of Parent Company Loan

It is further notified that ZM Associates (Pvt) Limited (“ZMAPL”) has acquired the majority shareholding in the company from Knightsbridge Chemicals Limited (“KCL”). As per the arrangements with KCL, ZMAPL has obtained waiver of parent company loans equivalent to PKR 711 million in favor of the company.

For more information, contact:
Shamshad A. Naushahi
Company Secretary
Nimir Industrial Chemicals Limited
51-N, Industrial Area, Gulberg-II,
Lahore.
Tel: +9242 3571 8001-9
Fax: +9242 3571 8013
Email: contact@nimir.com.pk