Karachi: Sitara Chemical Industries Limited announced the successful passage of a resolution for the disposal of its Freehold Agricultural Land, following a unanimous vote at the company’s Annual General Meeting held on October 23, 2025. The meeting took place at the ICAP Auditorium, Institute of Chartered Accountants of Pakistan, Chartered Accountants Avenue, Block 8, Clifton, Karachi.
During the meeting, shareholders of Sitara Chemical Industries Limited were presented with “Agenda Item No. 5” concerning the sale of the company’s Freehold Agricultural Land located near Faisalabad, covering an area of 3302 Kanal. The resolution was passed with 100% votes in favor, as reported by Yousuf Adil, Chartered Accountants, who were appointed as the scrutinizer for the voting process under the Companies Postal Ballot Regulations, 2018.
The voting process consisted of e-voting and postal ballot methods, with the results indicating complete support for the resolution. Specifically, e-voting accounted for 993 votes, while postal ballot votes amounted to 14,600,220, all cast in favor of the resolution. According to information available from the Pakistan Stock Exchange (PSX), the resolution was classified as passed with a very large or significant move, given its 100% approval rate.
The approved resolution grants the company’s Board of Directors the authority to proceed with the sale of the land and utilize the proceeds to pay off loans or establish alternative energy sources, as deemed appropriate by the board. Additionally, the resolution allows the Board to delegate the execution of the sale to the company’s chief executive or other designated officers.
The completion of the voting process, including the unblocking of e-voting results, was finalized on October 23, 2025, at 03:00 p.m. The company adhered to the schedule, with the last date for receiving postal ballots being October 22, 2025, during business hours.
No discrepancies or issues were reported during the voting process, as confirmed by the scrutinizer’s report, fulfilling all requirements of the Postal Ballot Regulations, 2018. The decision marks a significant step for Sitara Chemical Industries Limited in optimizing its asset portfolio and pursuing strategic financial goals.