Lahore: Bilal Fibres Limited, a prominent yarn manufacturer and exporter, is set to undergo significant corporate changes following resolutions passed during its 38th Annual General Meeting. The meeting, which will convene on 28 October 2024, will address the proposed sale of company assets and a strategic rebranding initiative.

According to information available from the Pakistan Stock Exchange (PSX), the Lahore-based company has outlined plans to sell its assets located at Sheikhupura. This includes property, plant and equipment, right of use of assets, investment property, and stock in trade among other assets. The sale is in accordance with Section 183(3) of the Companies Act, 2017, and is subject to necessary corporate, regulatory, and legal formalities. The proceeds from this disposal are earmarked for a revival plan which aims at resuming commercial operations, as approved by the company's board.

Furthermore, Bilal Fibres Limited is also considering a change in its business focus and corporate identity. The proposed resolutions include modifying the company's principal line of business from manufacturing and sale of yarn to ICT/Technology. Concurrently, it is proposed that the company's name be changed from “Bilal Fibres Limited” to “BFL Technologies Limited.” This change is subject to the approval of the Securities and Exchange Commission of Pakistan.

The Chief Executive Officer of Bilal Fibres Limited is authorized to complete all necessary legal formalities to effectuate these changes, including the ability to make any modifications directed by regulatory bodies without further resolutions by the company's shareholders.

This strategic shift represents a significant transformation for Bilal Fibres as it seeks to diversify its business operations and adapt to changing market demands.