Lahore: In a significant corporate move, Shadman Cotton Mills Limited convened an extraordinary general meeting of shareholders on July 22, 2024, where pivotal changes to the company's business strategy and Memorandum of Association were approved.

The meeting, chaired by CEO Mr. Shahid Mazhar, confirmed the quorum under sub-section 1(a) of Section 135 of the Companies Act, 2017, and proceeded with the outlined agenda after the recitation of the Holy Quran. The board previously met on June 28, 2024, deciding on a strategic expansion into various sectors beyond their original yarn business. According to information available from the Pakistan Stock Exchange (PSX), this diversification includes the manufacturing, trading, and servicing of a broad range of textile products, along with ventures into dairy, agriculture, power generation, and construction.

The shareholders were informed that these changes would necessitate amendments to the Memorandum of Association to include new business activities as part of the company's principal objectives. The resolution passed will also allow for future modifications as advised or directed by the Securities and Exchange Commission of Pakistan (SECP), ensuring compliance and flexibility in the evolving corporate landscape.

The members present at the meeting unanimously agreed to the proposals, authorizing the CEO, Company Secretary, and CFO to undertake all necessary actions to implement these changes. This strategic shift is designed to enhance the company's competitive edge in a diverse global market.