Karachi: Bawanyair Products Limited has announced an amendment to its principal line of business, shifting its focus from manufacturing to investment in shares, stocks, and other securities, according to a quarterly progress report submitted by the company.

On October 20, 2023, Bawanyair Products Limited conveyed that the necessary forms for this amendment had been submitted to the Securities and Exchange Commission of Pakistan's (SECP) Company Registration Office. The acceptance of these forms is anticipated to facilitate the company's move from the non-compliant to the regular counter on the designated market category.

In addition, the company stated that a draft offer letter for a rights issue remains pending with the SECP. This proposed issuance of shares, which would occur otherwise than by rights, is also awaiting the regulatory body's approval.

According to information available from the Pakistan Stock Exchange (PSX), Bawanyair Products Limited's strategic shift aligns with its intention to re-align its business operations to capitalize on investment opportunities within the financial markets.

The company has not provided a timeline for when it expects these pending approvals to be finalized, which are critical for executing its revised business strategy.