Lahore December 21 2022: Ghani Chemical Industries Limited (GCIL) shareholders in Extra Ordinary General Meeting (EOGM) approved to sell its ASU plant and stake in three of its subsidiaries, according to the company filing to the exchange.
Shareholders authorizes Ghani Chemical Industries Limited (GCIL/the Company) management to sell and export one of the existing 11O TPD ASU plant of the Company installed at Phool Nagar, District Kasur at fair market value around USD 3.00 million to USD 4.00 million to some prospective buyer in GCC region’s country.
Shareholders given the approval that the Company shall have the power to make Employees’ Stock Options and to provide share option’s) to its eligible employees, directors and other officers either of the Company and/or subsidiaries of the Company in accordance with the laws of Pakistan for the time being.
In this regard authorizes the company to raise further capital in terms of the ESOS and to reserve, allot and issue further shares of the Company up to a maximum of three percent (3%) in a single year and up to fifteen percent (15%) in all years of the total issued share capital of the Company in terms of the ESOS to the eligible employees under the ESOS without offering such shares to the existing shareholders of the Company. This transaction is subject to regulatory approvals.
Shareholders of the Company (Ghani Chemical Industries Limited) accorded to disinvest the investments made by Ghani Chemical Industries Limited (GCIL) in its wholly own subsidiary companies namely, (l) A One Prefabs (Private) Limited (2) Awol Engineering (Private) Limited (3) A One Batieries (private) Limited to some interested parties including directors of these subsidiaries at some appropriate price not less than par value of shares.
