Karachi: Zuma Resources Ltd recently held an Extraordinary General Meeting on August 1, 2026, where significant resolutions were passed, impacting the company's share structure and executive compensation. The meeting took place at the company's registered office.
In a major development, the shareholders approved a special resolution to alter the existing capital structure of the company. Pursuant to Section 85(1)(c) of the Companies Act, 2017, the face value of each ordinary share of Zuma Resources Ltd has been subdivided from Rupees Ten (Rs.10/-) to Rupee Two (Rs.2/-), effectively splitting each share into five ordinary shares. Importantly, there will be no change in the rights and privileges associated with the shares.
As a result of this subdivision, while the issued, subscribed, and paid-up share capital remains unchanged at Rs. 141,000,000, the total number of issued ordinary shares significantly increases from 14,100,000 shares of Rs. 10/- each to 70,500,000 shares of Rs. 2/- each. This adjustment necessitated an amendment to Clause 5 of the Memorandum of Association to reflect the new capital structure. The authorized capital is now stated as Rs. 350,000,000, comprising 175,000,000 ordinary shares of Rs. 2/- each.
The Chief Executive Officer and Company Secretary have been authorized to undertake all necessary actions to implement the resolution, including filings with relevant regulatory bodies such as the Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), and others. According to information available from the Pakistan Stock Exchange (PSX), the company's strategic move aligns with regulatory compliance and market expectations.
Additionally, an ordinary resolution was passed concerning executive compensation. The resolution approved remuneration not exceeding PKR 15 million, inclusive of allowances and other benefits, for the Chief Executive Officer and one full-time working director for the fiscal year ending June 30, 2027.
These resolutions are subject to potential amendments as directed by regulatory authorities, which will be incorporated without the need for further shareholder approval.