Karachi: The board of directors of Bhanero Textile Mills Limited has passed a resolution to sell or transfer 27.08 acres of land to M/s Umer Farms (Pvt) Ltd. This decision was reached unanimously during a board meeting held at 11:00 am on Tuesday, March 10, 2026, as per section 183 of the Companies Act, 2017.

The board decided to conduct an Extra Ordinary General Meeting (EOGM) to seek approval from the company’s members for this sale or transfer. The transaction is to be executed at arm’s length, ensuring compliance with sections 183, 207-208 of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the board has entrusted Mr. Mohammad Salim and Mr. Muhammad Shaheen with the authority to act individually or appoint an “Attorney.” This authorization is to ensure all necessary documents are signed, submitted, and delivered to fulfill legal formalities with concerned authorities, thereby executing the transaction in a way that serves the best interests of the shareholders and the company.

The upcoming EOGM marks a significant step in the process, as the company seeks to finalize the transaction with M/s Umer Farms (Pvt) Ltd, a related party. The decision reflects the board’s strategic direction aimed at benefiting shareholders and optimizing company interests.