Mardan: Chashma Sugar Mills Limited announced it will convene an Extra Ordinary General Meeting (EOGM) on March 31, 2025, at its registered office on Nowshera Road. The meeting, scheduled for 11:00 AM, will address several significant items on the agenda.
The shareholders are set to confirm the minutes from the last Annual General Meeting held on February 26, 2025. A key item under consideration is the election of seven directors, as fixed by the Board of Directors, for a three-year term starting from the EOGM date. The directors eligible for re-election include Begum Laila Sarfaraz, Mr. Abbas Sarfaraz Khan, Ms. Zarmine Sarfaraz, Mr. Iskander M. Khan, Mr. Riswan Ullah Khan, Mr. Feisal Kemal Khan, and Ms. Sarnia Liaquat All Khan. Profiles of these individuals are accessible on the company's website. The independent directors will be selected based on their experience, competencies, diversity, skills, and knowledge, in compliance with Section 166 of the Companies Act, 2017.
Additionally, the company is seeking shareholder approval to significantly increase its authorized share capital from Rs. 500 million to Rs. 5,000 million. This increase, subject to regulatory compliance, aims to accommodate future requirements. Clause V of the Memorandum of Association and relevant provisions of the Articles of Association will be amended accordingly.
Chashma Sugar Mills is also planning to acquire 19.60 million shares of Ultimate Whole Foods (Pvt.) Limited, a move that will render the latter a wholly-owned subsidiary of the former. The acquisition is valued at PKR 10 per share, with the Board of Directors authorizing the necessary steps to complete the transaction, as per Section 199 of the Companies Act, 2017. Mr. Iskander M. Khan and Mr. Mujahid Bashir have been empowered to finalize this acquisition.
According to information available from the Pakistan Stock Exchange (PSX), the company will close its share transfer books from March 24, 2025, to March 31, 2025, inclusive of both days. Any other business permitted by the Chair will also be transacted during the meeting.