Lahore: Nazir Cotton Mills Limited announced the approval of a significant resolution during its Extra-Ordinary General Meeting held on June 3, 2025. The meeting centered on the disposal of a dilapidated building that has been unused since 2006.

The resolution, passed under the auspices of Section 183(3)(a) of the Companies Act, 2017, grants the company's chief executive authority to manage the sale of the asset. The building, characterized as dilapidated, was agreed upon for sale by the company's members, and the proceeds from this transaction will be directed to pay off sponsors' loans, settle other liabilities, and support the company's working capital.

According to information available from the Pakistan Stock Exchange (PSX), the resolution empowers the chief executive to delegate necessary powers to directors, officers, or other individuals for negotiating terms and finalizing the sale. The company seeks to secure the best market price for the building, with a comprehensive strategy that includes negotiations, obtaining quotations, and entering agreements with potential buyers.

The resolution also provides flexibility for modifications without requiring further shareholder approval. This includes compliance with statutory requirements set by the Securities and Exchange Commission of Pakistan.

The meeting further ratified prior actions taken by Mr. Muhammad Tayyab, the Chief Executive, related to the sale. The company operates within the designated market category of textiles, focusing on cotton mills.