Karachi, In a surprising turn of events, the Board of Directors of International Industries Limited has made the decision to withdraw its recommendation for the increase in the authorized capital of the company, leading to the cancellation of the scheduled Extraordinary General Meeting (EOGM) on June 20, 2023 in Karachi.
The announcement was made through a notice addressed to the members of International Industries Limited. The EOGM, which was intended to seek approval for the increase in authorized capital and other agenda items, had been previously communicated through a Notice of EOGM dated May 30, 2023, and its Addendum dated May 31, 2023.
The reasons behind this unexpected reversal by the Board of Directors remain undisclosed at this time. Speculation and curiosity have arisen among shareholders and industry experts as they eagerly await an official statement regarding the decision.