FPML to sell 263-Kanal project land in Gujrat

January 27, 2025 (MLN): Faruqi Pulp Mills Limited (FPML) to sell the company's entire project land, spanning 263 Kanals and 18 Marlas, located at Mouza Mangowal, Tehsil and District Gujrat.

The land may be sold in parts or in its entirety, as per the guidelines and procedures set by the Board of Directors, the company's filing on PSX revealed today.

The sale process is subject to the completion of all formalities, removal of encumbrances, and resolution of any pending litigation associated with the FPML land.

The company's board of directors has been fully empowered to oversee the sale and disposal of the property.

This includes conducting negotiations, obtaining quotations, accepting offers, and finalizing transactions with interested buyers on terms that ensure the best available market price for the land.

The Board will also manage the signing, execution, and delivery of sale agreements, deeds, and other necessary documentation to complete the transaction.

To ensure a smooth process, the Board has been authorized to represent the company before governmental bodies.

These include the Securities and Exchange Commission of Pakistan (SECP), Sub-Registrar, Tehsildar, Patwari, Arazi Record Center, and Punjab Land Records Authority.

This representation will facilitate the obtaining of essential documents like sale certificates, records, mutations, and certified copies needed to finalize the transaction.

The Company Secretary has been tasked with overseeing and complying with all formalities related to the resolutions and the sale of the FPML land, including the removal of any encumbrances.

Additionally, the Board has been granted the authority to take all incidental or ancillary actions required to conclude the sale.

In case of any modifications required by SECP or other governmental authorities, the Board may adjust the resolutions without seeking further approval from the shareholders.

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