Ghani Chemical withdraws Rs650m investment resolution in Kilowatt Labs Technologies

March 04, 2024 (MLN): The shareholders of Ghani Chemical Industries Limited (PSX: GCIL) have resolved to withdraw the resolution passed by Service Fabrics Limited for an equity investment of Rs650 million in Kilowatt Labs Technologies Limited for the setup of a Super Capacitors Project.

This information was disseminated by the company through a notice issued to the Pakistan Stock Exchange (PSX) today.

It is important to note that Service Fabrics changed its name to G3 Technologies Limited and merged with GCIL.

Furthermore, the shareholders have decided to reallocate and utilize the right issue funds portion amounting to Rs650m received during September/ October 2021 by Service Fabrics Limited for the setup of the two ongoing projects of the company in Hattar Special Economic Zone.

One project is regarding the Import substitute Calcium Carbide manufacturing plant, and the other is the 275TPD ASU plant for manufacturing medical and industrial gases.

Based on the decisions, the shareholders have authorized the Chief Executive Officer and Company Secretary to do all such acts, deeds, matters, and things, as may be deemed necessary to give effect to the aforementioned resolutions.

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