February 12, 2024 (MLN): The Board of Directors of Ghani Chemicals Industries Limited (PSX: GCIL) has decided to venture into the power generation and new areas of gas business, as per a notice issued by GCIL today.
The board has authorized the formation of a wholly owned subsidiary company of GCIL in the name of Ghani Power (Private) Limited or any other suitable name available with the Securities And Exchange Commission Of Pakistan (SECP).
With regards to entering new areas of gas business, the BoD has agreed to acquire/purchase an associated company named Ghani Gases (Private) Limited having a nominal paid-up capital of Rs25,000 by the GCIL at Rs100,000.
Moving forward, this associated company would be converted into a wholly owned subsidiary company of GCIL subject to approval by shareholders of the company.
It is pertinent to note that the board has also authorized rescheduling the Extra-Ordinary General Meeting of the company for Saturday, March 02, 2024, instead of Saturday, February 24, 2024, with an addition to the agenda item.
