Towellers Limited Announces Disclosure of Material Information and Extraordinary General Meeting

Karachi, Towellers Limited, a renowned textile company, revealed important information following its Board of Directors meeting held on June 2nd, 2023. The board made significant recommendations for the company, which include an increase in the authorized capital and the circulation of annual audited financial statements. These proposals are subject to the approval of the members.

The first recommendation involves increasing the authorized capital from PKR 250,000,000 to PKR 3,500,000,000. This alteration in the Memorandum and Article of Association requires the division of shares from 25,000,000 ordinary shares of PKR 10 each to 350,000,000 ordinary shares of PKR 10 each.

In addition, the board has approved the circulation of the company's annual audited financial statements to the members. This distribution will be facilitated through a QR-enabled code and weblink, pending the approval of the members.

To proceed with these proposals, Towellers Limited will hold an Extraordinary General Meeting (EGM) where members will have the opportunity to provide their consent for the enhancement in the authorized capital and the use of QR codes for financial statement circulation. The EGM is scheduled to take place on Friday, June 23rd, 2023, in Karachi.

As a result of the upcoming EGM, the Share Transfer Books of Towellers Limited will be closed from June 17th, 2023, to June 23rd, 2023, inclusively. During this period, shareholders will not be able to transfer their shares.