ICL's shareholders approve Rs3bn investment in new power subsidiary

November 20, 2023 (MLN): The shareholders of Ittehad Chemicals Limited (PSX: ICL) have approved a long-term investment of up to Rs3 billion in the proposed wholly-owned subsidiary company to be incorporated with the name, Ittehad Power (Private) Limited, the company’s filing on local bourse revealed today.

The above-mentioned agenda was authorized during the Extraordinary General Meeting (EGM) of the company held on November 20, 2023 and shall be valid for a period of five years from the date of its approval.

The investment will be implemented as per terms and conditions as mentioned in the annexed statement under section 34(3) of the Companies Act, 2017 and disclosed to the members.

The owners further resolved that the Chief Executive or/and Executive Director(s) or/and Chief Financial Officer of the company be and are hereby singly empowered and authorized to undertake the decisions of investment.

The authorized personnel shall take any or all necessary actions which are or may be necessary, incidental, and/or consequential to give effect to the aforesaid resolution including signing and execution of documents and agreements and complete all necessary legal formalities.

“All necessary documents as may be necessary or incidental for the purposes of implementing the aforesaid resolution shall be properly filed," the notice concludes.

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