Karachi: CALCORP Limited has scheduled an Extraordinary General Meeting (EGM) for October 16, 2024, to deliberate on significant corporate actions, including the potential sale of its operating assets to Optimus Ltd. The meeting aims to ratify previous meeting minutes and evaluate a proposal for the disposal of 83.96% of the company’s shareholding to Optimus Limited.

The primary agenda includes a special resolution to authorize the sale of company assets, contingent on the negotiation outcomes and pre-agreements with Optimus Limited. The proposed transaction requires a minimum sale price equal to the market value at the time of sale, as assessed by an independent valuator. The assets under consideration, primarily vehicles of various models, are recorded with a book value of 155.68 million Rupees as of June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company’s representatives are authorized to finalize and execute necessary documents to facilitate this asset transfer. This includes engaging with Optimus Limited to complete the transaction efficiently.

Additionally, the EGM will address regulatory compliance, with the Company Secretary and an authorized Director tasked with filing requisite statutory returns in accordance with the Companies Act, 2017. Any further business that may arise will also be discussed, subject to approval from the meeting’s chair.

The decision to sell major operating assets follows a strategic review by CALCORP’s board, aiming to optimize the company’s asset management and strengthen its market position. This move is seen as a pivot towards leveraging potential growth opportunities and enhancing shareholder value in a competitive market.