KOSM board authorizes CEO to consider diversification strategies

MG News | August 08, 2024 at 10:47 AM GMT+05:00

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August 08, 2024 (MLN): The Board of Directors (BoD) of Kohinoor Spinning Mills Limited (PSX: KOSM) has authorized the Chief Executive Officer (CEO) to consider proposals for business diversification and to take all steps necessary.

According to the company’s filing on PSX today, the agenda was approved by the board in their meeting held yesterday.

The board approved changes to the Memorandum of Association of the Company, amending it to conform with Table B of the First Schedule of the Companies Act, 2017. Additionally, it decided to adopt Table A of the First Schedule of the Companies Act, 2017, as the Articles of Association of the Company.

Importantly, it was decided to increase the company’s Authorized Share Capital from Rs2.2 billion to Rs3bn.

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