Karachi January 10 2024: The Board of Directors of Merit Packaging in their meeting held yesterday approved the disposing off of the Land and Factory Building of the Company located at 17-B, Sector 29, Korangi Industrial Township, Karachi, according to company filing to the exchange.
The Board also discussed the feasibility of entering into a Lease/Rental Agreement for the same Land and Factory with the purchaser. To this end, an extra-ordinary general meeting of shareholders will be called to seek approval and assent of the General Body of the company in consonance with the provisions of Companies Act, 2017.
The Board of Directors further proposed that the Extraordinary General Meeting of the Company will be held on Thursday, February 15,2024 at 03:00 p.m. at Karachi for the above stated agenda item.
Company is in losses for the last six years and its accumulated losses reaches PKR 1.98 billion at June 30 2023. Recently, the company has restructured its interest free debt of PKR 1.1 billion to sustain its operations.
