ICL Board resolves to sell land at Mouza Hassanabad

MG News | January 24, 2025 at 02:26 PM GMT+05:00

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January 24, 2024 (MLN): The Board of Directors of the Ittehad Chemicals Limited (PSX: ICL) has resolved to sell the Company's land located at Mouza Hassanabad, Barki Road, Lahore, measuring approximately 66 kanals, in its meeting held today.

This land, currently categorized as "Investment Property" in the Company's financial statements, along with buildings, cables, fixtures, and fittings, will be sold.

The sale aims to meet part of the equity portion for the upcoming Biomass Power Plant Project of its wholly owned subsidiary, ICL Power (Pvt.) Limited, according to the company's statement issued today.

This decision is conditional upon the approval of the shareholders as required under Section 183(3)(a) of the Companies Act, 2017.

An Extraordinary General Meeting regarding this matter is scheduled to be held on February 19, 2025, at 11:00 am at the registered office of the Company, located at 39-Empress Road, Lahore.

The notice of the EOGM of the Company, scheduled to be held on February 19, 2025, will be communicated in due course.

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