Lahore: At the extraordinary general meeting of shareholders for Nishat (Chunian) Limited and Nishat Chunian Power Limited, held in Lahore on 17 August 2024, a major resolution regarding a Scheme of Arrangement was passed. This resolution pertains to compromise, arrangement, and reconstruction between the companies and their members.
The approved resolution, initiated by the chairman and subject to modifications by the Lahore High Court, represents a significant step in the corporate structuring of the Nishat entities. This decision was reached in compliance with Sections 96 and 131 of the Securities Act, 2015, and Regulation 5.6.1 of the Pakistan Stock Exchange Regulations.
According to information available from the Pakistan Stock Exchange (PSX), the meeting saw a total of 80 members participate, casting votes on the special business resolution through various means including e-voting and proxy. The total number of shares represented at the meeting amounted to 367,346,939, each valued at Rs. 10. The final vote tally showed overwhelming support for the resolution, with 99.99996% of the votes in favor, amounting to 176,916,783 shares.
The detailed voting results were as follows: 76 shareholders voted in favor through e-voting and proxy participation, representing a capital percentage of 48.16068%. Only three votes were cast against the resolution, and one vote was rejected.
The TRE Certificate Holders of the Exchange and relevant market participants have been informed of the outcome as required by the regulatory guidelines.