Karachi December 22 2021: The Board of Directors of Ittehad Chemical Limited in its Meeting held today has resolved to incur capital expenditure for acquisition of land or land and building etc., up to Rupees 650 Million (Rupees Six Hundred and Fifty Million) for future growth and expansion of the Company’s facilities from individual(s) or companies or other entities.
For this purpose the Chief Executive Officer of the Company be authorized for negotiations, participation in bidding, tender offer, and take all necessary actions including execution of all requisite documents and agreements and the matters ancillary in order to effect the aforesaid acquisition.
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The planned expansion of LABSA / SLES Plant would come on stream during the ongoing Financial Year as conveyed. Moreover, the work on up gradation of power plant engines to increase capacity and to improve fuel efficiency is also well under way.
The wholly owned subsidiary i.e. Ittehad Salt Processing (Private) Limited is in the process of acquiring Mining Lease from the concerned Government Department. The Management is optimistic about future growth and healthy returns after obtaining the Mining Lease and is consistently exploring new markets with the ultimate objective to maximize shareholders’ wealth in the long run.
