Karachi, the Board of Directors of Habib Sugar Mills Limited has made some significant decisions, leading to the cancellation of the highly anticipated Extraordinary General Meeting. The decisions were reached through a circular resolution dated June 15, 2023.
Firstly, the Board has decided to cancel the proposed increase in the Authorized Share Capital of the Company. This recommendation had been put forward during the Board meeting held on June 1, 2023. The decision to cancel the increase indicates a shift in the company's strategic direction.
Secondly, the proposed alteration in the Clause V of the Memorandum of Association and Article 4 of the Articles of Association of the Company has also been cancelled. This alteration was also discussed and recommended during the June 1st Board meeting.
Furthermore, the Extraordinary General Meeting, which was originally scheduled to take place on June 23, 2023, at 11:00 a.m., has been completely canceled. Consequently, all agenda items pertaining to the meeting have been withdrawn. Shareholders and stakeholders who were eagerly awaiting the meeting will have to wait for further updates from the company.