Karachi, Merit Packaging Limited has scheduled an Extraordinary General Meeting (EOGM) for February 15, 2024, at its headquarters in Karachi and via electronic means. According to information available from the Pakistan Stock Exchange (PSX), the meeting will address significant business matters, including the proposed disposal of company assets to address liabilities.

The main agenda includes a special resolution to sell the company’s land and factory building located at 17-B, Sector 29, Korangi Industrial Township, Karachi. The assets, encompassing 17,111.11 square yards of land and approximately 140,220 square feet of built area, are valued at PKR 1,554,592,011. This decision comes after multiple valuations by SECP-certified valuers Ars. Joseph Lobo (Private) Limited and Mis. K.G. Traders (Private) Limited. The sale is intended to settle some of the company's pressing liabilities and will be conducted with SIZA Services (Private) Limited, a related party.

Additionally, the resolution will authorize the Board of Directors to handle all aspects of the asset transaction, including executing sale deeds and other legal formalities. The board is also empowered to modify the resolutions as per SECP directives without further shareholder approval.

Furthermore, the meeting will consider leasing back the sold assets to ensure the uninterrupted continuation of the company’s operations. The Board of Directors will negotiate and finalize the lease terms.

The company has advised shareholders who wish to participate in the EOGM through physical presence or video link to register beforehand. Detailed instructions and contact information for registration have been provided to facilitate shareholder participation.

Share transfer books will remain closed from February 8, 2024, to February 12, 2024, for attending the EOGM. Proxies for voting must be submitted no later than 48 hours before the meeting.