Peshawar: Shaffi Chemical Industries Limited has reported significant developments in its strategic business direction, as outlined in its quarterly financial statements for the period ending March 31, 2025. These changes are aimed at addressing ongoing legal challenges and exploring new growth avenues.
A winding-up petition filed by the Deputy Registrar of Companies Peshawar remains pending before the Hon'ble High Court Peshawar, arising from the suspension of Shaffi Chemical Industries' business activities. The company is actively contesting this petition and has submitted a revival plan to the court.
In a bid to revitalize its operations, Shaffi Chemical Industries has initiated a shift in its business focus. The company has commenced furniture manufacturing operations within its factory premises. To formalize this transition, an Extraordinary General Meeting (EOGM) was convened on April 19, 2025, where shareholders approved several crucial changes.
The special resolutions passed during the EOGM include the adoption of furniture manufacturing as the principal line of business, aligning the company's Memorandum and Articles of Association with the Companies Act 2017. Additionally, shareholders approved a change in the company’s name from "Shaffi Chemical Industries Limited" to "Shaffi Industrial Enterprises Limited," subject to approval from the Securities and Exchange Commission of Pakistan (SECP).
To support its future endeavors, the company plans to increase its authorized capital from Rs. 120 million to Rs. 400 million. This capital increase is intended to facilitate future fundraising through right shares, aiming to strengthen its financial position and enable expansion in the furniture sector.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions were submitted through PUCARS, indicating the company’s intention to comply with regulatory requirements. The company plans to raise equity capital for its new business venture by issuing right shares to existing shareholders, contingent on the active status of its shares.
Looking ahead, Shaffi Industrial Enterprises Limited expresses optimism about the prospects of its new furniture business. The company intends to expand its operations further and plans to meet working capital requirements through the issuance of right shares to existing shareholders, in compliance with the Companies Act 2017 and other relevant laws.