Islamabad: Saif Power Limited has announced that an Extraordinary General Meeting of its shareholders will be held on September 26, 2025, to discuss significant amendments to its existing long-term loan agreement with Saif Textile Mills Limited, an associated company. The meeting will take place at Kehkashan Hall 2 of the Islamabad Hotel.
The agenda for the meeting includes both ordinary and special business. The special business focuses on proposed amendments to a loan agreement originally executed on September 11, 2023. Key amendments include changing the frequency of mark-up payments from quarterly to annual, effective October 1, 2025, and extending the grace period for repayment by an additional one and a half years. These changes are intended to support the liquidity position of Saif Textile Mills Limited.
Saif Textile Mills Limited, listed on the Pakistan Stock Exchange, was established on December 24, 1989. According to information available from the Pakistan Stock Exchange (PSX), the company has faced financial challenges, reporting a loss after tax of PKR 156.95 million in its half-yearly financial statements ending December 31, 2024. To address these challenges, Saif Textile Mills has requested an enhancement of its existing long-term loan by PKR 400 million, in addition to the current PKR 1 billion facility.
The proposed changes to the loan agreement reflect a strategic decision to strengthen Saif Textile Mills’ financial resilience and improve cash flow management. The amendment also retains the final maturity date of September 27, 2032, for the principal installment of the loan. The loan’s mark-up payment terms are specified in the Statement of Material Facts annexed to the meeting notice.
Furthermore, Saif Power Limited’s shareholders will have the option to participate in the meeting via video conference, as well as exercise their voting rights through e-voting or postal ballot. The company has appointed KPMG Taseer Hadi & Co., a QCR-rated audit firm, as the scrutinizer for the special business to be transacted at the meeting.
The directors of Saif Power Limited have affirmed that they conducted due diligence regarding the proposed investment and have maintained audited and unaudited accounts of Saif Textile Mills Limited. This step is in compliance with the Companies Act, 2017, and related investment regulations.