To raise capital from equity holders, the Board of Directors of Shell Pakistan Limited has approved the resolution to increase the authorized share capital of the Company. It was decided recently in the Extraordinary General Meeting where it was decided to increase the share capital of the Company from Rs. 1.5 billion to Rs. 3.0 billion.
The decision is subject to receiving the necessary approvals from the shareholders of the company.
After this approval of the increase in the number of the issued share capital, the existing Clause 5 of the Memorandum of Association of the Company would be renewed accordingly to read as follows:
The Share Capital of the Company is Rs. 3,000,000,000/- (Pakistan Rupees Three Billion Only) divided into 300,000,000 shares of Rs. 10/- each, with power to increase and reduce the Capital of the Company.
The report further read that the board of directors also determined that Ms. Lalarukh Hussain-Shaikh, the Company Secretary, and Mr. Faisal Waheed, the Chief Financial Officer and Director of the Company, will be entitled to do all acts, deeds and things, take any and all actions as may be required or useful to complete all legal formalities.
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