Shaffi Chemical Industries Board approves strategic business shift

MG News | March 21, 2025 at 01:06 PM GMT+05:00

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March 21, 2025 (MLN): The Board of Directors of Shaffi Chemical Industries Limited (PSX: SHCI) has approved a new future strategy, focusing on key growth initiatives, including reviving business operations through furniture manufacturing within its factory premises.

In compliance with the Companies Act 2017, the company will adopt a new Memorandum and Articles of Association to designate furniture manufacturing as its principal line of business.

As part of this strategic shift, the company will change its primary focus to furniture-related activities, the notification issued to the local bourse.

Additionally, the board has proposed renaming the company from "Shaffi Chemical Industries Limited" to "Shaffi Industrial Enterprises Limited," subject to approval from the Securities and Exchange Commission of Pakistan.

Furthermore, the authorized capital will be increased from Rs120 million to Rs400m to facilitate a rights issue for fundraising and equity expansion.

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