Karachi: In a recent development, Dadex Eternit Limited held its Extraordinary General Meeting (EOGM) on June 3, 2025, where shareholders passed a series of resolutions authorizing the sale of significant properties and assets located in Karachi. The resolutions, adopted as ordinary resolutions, authorize the disposal of the company's Manghopir land and building, as well as other assets located in Faisal, Karachi.
The resolutions provide the Board of Directors with the authority to execute the sale, and allow them to delegate these powers to the Chief Executive Officer (CEO), any director, or another appointed individual. The designated market category for this transaction is the Pakistan Stock Exchange (PSX).
According to the resolutions, the authorized individuals are empowered to conduct negotiations, obtain quotations, and secure the best market price for the sale. They are also responsible for negotiating with financial institutions to vacate any liens or charges against the assets, and for finalizing agreements with potential buyers. The resolutions permit the sale to individuals, firms, banks, or other organizations.
The resolutions further authorize the CEO, any director, and the company secretary to take all necessary steps, make requisite decisions, and execute necessary documents to facilitate the sale. This includes obtaining approvals and engaging with relevant authorities to register documents and collect sale considerations.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions also allow the Board of Directors to modify the resolutions in accordance with directives from the Securities and Exchange Commission of Pakistan (SECP) or PSX, without requiring further shareholder approval.
Additionally, any actions previously taken by the CEO, directors, or other authorized persons regarding these matters have been ratified by the company. Certified copies of the resolutions will be communicated to the relevant authorities and remain in force until further notice.