Karachi, In a recent board meeting held on May 31, 2023, Mahmood Textile Mills Limited (MTM) has announced significant recommendations. The board of directors has proposed the increase of the company's authorized share capital and scheduled an Extraordinary General Meeting (EOGM) for June 22, 2023.
The first recommendation put forward by the board is to raise the authorized share capital of MTM from Rs. 300,000,000/- to Rs. 10,300,000,000/-. The current share capital, divided into 30,000,000 ordinary shares of Rs. 10 each, would be restructured to consist of 1,015,000,000 ordinary shares of Rs. 10/- each and 15,000,000 cumulative preference shares of Rs. 10 each.
Furthermore, the company's board has authorized the Company Secretary and Chief Executive Officer to oversee and complete all necessary legal and corporate formalities associated with the proposed increase in share capital.
To address these important matters, an Extraordinary General Meeting (EOGM) has been scheduled for June 22, 2023, at the company's headquarters in Multan. During this meeting, members of the company will convene to discuss and vote on the recommended changes.
In light of the upcoming EOGM, the share transfer books of Mahmood Textile Mills Limited will remain closed from June 15, 2023, to June 22, 2023, inclusively. Shareholders are advised that all transfers received by the Share Registrar of the company, M/s Hameed Majeed Associates (Pvt.) Limited, until June 14, 2023, will be considered in time for the purpose of attendance at the EOGM.