Lahore: Avanceon Limited has announced a change in its Board of Directors due to a casual vacancy following the resignation of an independent director. The company confirmed that Mr. Omar Iqbal Khan has stepped down from his role as an independent director, leading to the appointment of a new executive director.

Mr. Mohammad Shahid Mir has been appointed to the Board as an Executive Director, effective from May 12, 2025. He will serve in this capacity to complete the remaining term until May 28, 2026. This decision has been made in accordance with Section 96 and 131 of the Securities Act, 2015, and Clauses 5.6.1(a)(xii) of the Pakistan Stock Exchange (PSX) Regulations.

According to information available from the Pakistan Stock Exchange (PSX), the Board of Avanceon Limited has acted in compliance with sections 155 and 161 of the Companies Act, 2017, to fill the casual vacancy. This action has been taken to ensure the continuity of the Board’s operations and maintain the company’s governance standards.

Avanceon Limited is listed under the designated market category on the PSX, and it has informed the TRE Certificate Holders of the Exchange regarding these changes. The company remains committed to its strategic objectives and governance framework as it navigates this transition.