Multan: Thal Industries Corporation Limited announced today that its shareholders have unanimously approved a special resolution for the acquisition of freehold land to enhance its operational capabilities. The decision was made during an Extra-Ordinary General Meeting (EOGM) held on September 27, 2024, both in-person and via video link.

The resolution authorizes the acquisition of land measuring 112 Kanals and 11 Marlas, located adjacent to the company’s Layyah Sugar Mills in Mandi Town, Layyah. The land will be acquired from Mr. Muhammad Shamim Khan, Chief Executive Officer of Thal Industries, at a price of Rs. 2,004.55 million, which was assessed as fair value by an approved independent valuer. This acquisition aims to fulfill the company's requirements for additional molasses storage, a bagasse storage yard, and a sugarcane yard.

According to information available from the Pakistan Stock Exchange (PSX), the approval aligns with Section 208 of the Companies Act, 2017, which governs related party transactions. The resolution empowers any director of the company or their nominee to undertake all necessary actions to execute the transaction and implement the resolution.

The meeting concluded with no additional business to address, emphasizing the focus on the land acquisition as a significant step for Thal Industries' operational expansion. The company aims to enhance its capacity and efficiency through this strategic investment.