Lahore: Kohinoor Spinning Mills Limited has scheduled an Extraordinary General Meeting (EOGM) for September 12, 2024, at its headquarters in Gulberg, Lahore, to deliberate significant amendments to its corporate governance documents and a proposed increase in share capital.

According to information available from the Pakistan Stock Exchange (PSX), the company will hold this crucial gathering at 9:00 AM to address multiple special business items. Key among these is the amendment of the Memorandum and Articles of Association of the Company, as detailed in Annexure A. These amendments aim to streamline operations and comply with the latest regulatory requirements enforced by the Registrar of Companies and the Securities and Exchange Commission of Pakistan (SECP).

The resolutions include a proposed increase in the authorized share capital of Kohinoor Spinning Mills from Rs. 2.2 billion, comprising 440 million ordinary shares at Rs. 5 each, to Rs. 3 billion translating to 600 million ordinary shares of the same value. This adjustment is intended to enhance the company's capacity for future financial activities and shareholder transactions. Following the approval, the respective clause in the Memorandum of Association will be amended to reflect the new capital structure.

Further resolutions empower the Chief Executive and Company Secretary to undertake all necessary actions to implement these changes, including the filing of required documents and returns with regulatory authorities. The proposals also specify that these resolutions will accommodate any amendments or advice from the SECP, integrating such directives without the need for further shareholder approval.

The company has also announced that its Shares Transfer Books will be closed from September 6 to September 12, 2024. Share transfers received by the end of business on September 5 will be processed in time for participation and voting at the EOGM. Members intending to vote via proxy must submit their forms at least 48 hours before the meeting. Compliance with identification verification as mandated by the Central Depository Company of Pakistan Limited and SECP guidelines is also required for those attending.

This EOGM represents a pivotal moment for Kohinoor Spinning Mills as it seeks to fortify its corporate governance frameworks and ensure compliance with the evolving regulatory landscape in Pakistan’s corporate sector.