Lahore: At an Extraordinary General Meeting held on June 4, 2025, Ghazi Fabrics International Limited passed a resolution authorizing the sale of a significant parcel of land in Kasur, Pakistan. The decision was made in accordance with section 183 (3Xa) of the Companies Act 2077, and it received the consent of the shareholders to dispose of approximately 175 Kanal 10 Marla of the company's property.

The resolution empowers the Chief Executive Officer, or a designated representative, to undertake all necessary actions to facilitate the sale. This includes conducting negotiations with potential buyers, finalizing agreements, and executing necessary legal documents. The CEO is also authorized to engage with financial institutions to manage any encumbrances and liaise with relevant authorities to finalize the transaction.

According to the resolution, the board has been granted authority to modify the resolution if required by the Securities and Exchange Commission of Pakistan or any other regulatory body, without needing further shareholder approval. This flexibility is intended to ensure compliance with any additional regulatory requirements that may arise.

According to information available from the Pakistan Stock Exchange (PSX), the resolution further authorizes the CEO and the Company Secretary to handle statutory filings and announcements related to the sale. This includes submissions to the Registrar of Companies and the Pakistan Stock Exchange, ensuring that all necessary legal and procedural obligations are met.

The decision marks a significant step for Ghazi Fabrics International Limited as it seeks to streamline its operations and potentially reallocate resources. The company's move to sell the Kasur property reflects its strategic approach to asset management within the designated market category of textiles and manufacturing.