Karachi: Thal Limited has announced the scheduling of its Extraordinary General Meeting (EOGM), set to take place on August 06, 2025, at 11:30 a.m. at The Institute of Chartered Accountants of Pakistan (ICAP) Auditorium in Clifton, Karachi. The meeting will also be accessible through electronic means via a video-link facility. The notice of the meeting is slated for publication in newspapers on Tuesday, July 15, 2025.
The primary agenda of the meeting is to deliberate on investment in ThalNova Power Thar (Private) Limited, a project requiring financial backing for potential funding shortfalls or cost overruns. Members of Thal Limited are expected to consider passing special resolutions that will allow the company to continue providing financial support to ThalNova Power Thar. This includes the issuance of a standby letter of credit or other forms of security to guarantee an investment not exceeding the PKR equivalent of USD 23.3 million.
The proposed resolutions seek to modify or extend existing financial support agreements, including the standby letter of credit, to meet the requirements set forth by financiers. This financial guarantee is crucial to cover any funding deficiencies that may arise before or after the project reaches completion.
According to information available from the Pakistan Stock Exchange (PSX), these measures follow the earlier resolution passed on March 22, 2018, which related to similar financial obligations, including the Debt Service Support and Commercial Risk Guarantee Payment Obligations. The resolutions passed in 2018 remain valid and are expected to be in force for up to ten years or until the term loans are discharged as per the financing agreements.
The meeting will also authorize key executives, including the Chief Executive Officer and the Chief Financial Officer, to negotiate and manage the necessary financial instruments. This includes the issuance, modification, or extension of the standby letters of credit, as well as the execution of related agreements and security documents to fulfill the financial obligations of the project.
The designated market category for Thal Limited is expected to focus on its strategic investment decisions aimed at supporting the ThalNova Power Thar project, a critical initiative in the energy sector.