Karachi: Sitara Chemical Industries Limited, a key player in Pakistan's chemical sector, has announced a significant agenda item for its upcoming Annual General Meeting (AGM) scheduled for October 27, 2026. The meeting will take place at 3:00 P.M. at the JS Auditorium, IBA City Campus in Karachi. Shareholders will have the opportunity to vote on the company's proposed sale of its agricultural land holdings, a move that could potentially reshape its asset portfolio.

The company has disclosed details of this proposal, which involves agricultural land classified as investment property, acquired over an extended period from 2003-2004 to 2025-2026. The land, situated in various localities within Faisalabad such as Chak 193 RB, Chak 194 RB, Chak 200 RB, and Chak 266 RB, covers approximately 3,306 Kanal. The cost of this asset stands at Rs. 2.86 billion, with a book value of Rs. 2.85 billion. Notably, the latest valuation conducted by M/s. Hamid Mukhtar & Co. (Pvt.) Limited as of June 30, 2026, estimates the land's fair market value at Rs. 3.64 billion.

According to information available from the Pakistan Stock Exchange (PSX), Sitara Chemical Industries' decision to potentially divest this asset is attributed to the company's strategic focus on maximizing shareholder value. The management has articulated confidence that any sale would likely exceed both the book and fair market values, though the actual sale price will depend on market conditions at the time of transaction.

The proposed sale involves obtaining quotations directly from potential buyers and advertising in newspapers, with the option for payment in cash or a combination of cash and plot files if the buyer intends to develop the land. This approach aims to ensure competitive offers and optimal returns for the company.

As the AGM date approaches, market analysts and investors will closely monitor Sitara Chemical Industries' strategic decisions, given the potential impact on its financial health and future growth trajectory.