Karachi, In an effort to align with the Companies (Further Issuance of Shares) Regulation 2020, Sapphire Fibres Limited has announced an Extraordinary General Meeting of Shareholders scheduled to take place on June 21, 2023, in Karachi. The meeting aims to discuss and pass a special resolution that involves amending Article 111 of the company's Articles of Association.
The revised article grants the directors the authority to capitalize moneys, investments, or other assets from the Reserve Fund or within the company, which are available for dividend or represent premiums received on share issuances. This capitalization will be achieved through the issuance of fully paid bonus shares to the company's shareholders.
The agenda item, labeled as Agenda no.3, has been put forward by the Board of Directors. They believe that altering Article 111 to conform to the Companies (Further Issuance of Shares) Regulation 2020 is crucial for maintaining compliance and ensuring a streamlined issuance of shares process.
To address this proposal, shareholders are encouraged to attend the Extraordinary General Meeting and vote on the special resolution set forth in the addendum. If the resolution is approved, Sapphire Fibres Limited will move forward with amending its Articles of Association and adopting the revised Article 111.
The meeting signifies the company's commitment to keeping pace with regulatory requirements and maintaining an efficient framework for issuing shares. The management of Sapphire Fibres Limited hopes for a productive session that will lead to positive outcomes for the company and its shareholders.