BAPL takes decisive steps in Q2 2024 to exit defaulter status

July 04, 2024 (MLN): Bawany Air Products Limited (BAPL) has issued its progress report for the quarter ended June 30, 2024, highlighting various decisions made during the period to invest, raise capital, and enhance operational efficiency.

These efforts aim to restore the company's status at PSX from Defaulter to Regular/Normal and come amidst improvements in the political situation and economic stability in the country.

In this regard, the company shared that the Board of Directors in their meeting held on 08 May 2024 recommended to increase the authorized capital of the Company and accordingly an Extra Ordinary General Meeting was held on 29 May 2024 where it was resolved that the authorized capital shall be increased from Rs150 million to Rs11 billion.

Additionally, there were 2 changes of directors. First Zakaria Ghaffar resigned and was replaced by Naim Answer on May 24, 2024. Secondly, Wazir Ahmed Jogezai resigned and was replaced by Mohabat Khan on June 04, 2024.

In their recent meeting held on June 24, 2024, the board authorized the company to proceed with the acquisition of 48,264,248 shares of Alman Sayyam Sugar Mills (Private) Limited constituting 100% of the paid-up capital at a consideration of Rs12bn subject to finalization of all legal formalities.

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