Karachi: Dadex Eternit Ltd. has announced an Extraordinary General Meeting (EOGM) scheduled for June 3, 2025, at its registered office in Karachi. The meeting aims to seek shareholder approval for a significant sale of the company's properties and assets.

The agenda includes a proposal for the sale of the company's land and buildings located in Manghopir, as well as the land, building, plant, machinery, and fixtures at PECHS, Karachi. These transactions are collectively referred to as the "Properties and Assets sale."

According to the notice, the company is seeking shareholder consent to proceed with the sale, which will be executed in accordance with Section 183(3)(a) of the Companies Act, 2017. The board of directors is authorized to manage the sale process and may delegate these responsibilities to the Chief Executive Officer (CEO) or other designated representatives.

The resolution empowers the board to negotiate terms and secure the best available market price for the sale. The board is also tasked with managing all legal and administrative aspects, including negotiating with financial institutions, executing sale agreements, and representing the company before relevant authorities.

According to information available from the Pakistan Stock Exchange (PSX), the company has outlined a comprehensive plan to ensure that the sale is conducted efficiently and transparently. The designated market category for this transaction remains undisclosed.

The notice further specifies that the CEO, any director, or authorized persons are empowered to take all necessary steps to implement the resolutions. This includes making requisite decisions, executing agreements, and obtaining necessary approvals.

The resolutions also authorize the company to communicate certified copies to concerned authorities and confirm previous actions taken by the CEO or other authorized persons in connection with the proposed sale.

The company highlights that modifications to the resolutions, if required by regulatory bodies such as the SECP or PSX, can be agreed upon by the board without further shareholder approval.