Shams Textile Mills plans to increase authorized share capital to Rs1bn

MG News | May 30, 2023 at 10:46 AM GMT+05:00

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May 30, 2023 (MLN): The Board of Directors (BoD) of Shams Textile Mills Limited (PSX: STML) has suggested increasing the company’s authorized share capital from Rs250 million to Rs1 billion, the company's filing on PSX revealed.

The board also recommended subsequent modifications in the Memorandum of Association subject to the approval of members of the company.

In addition, the board has also advised alterations to the Articles of Association (AOA) regarding capitalization of reserves.

In order to seek approval of the aforementioned amendments, an extraordinary general meeting will be held on June 22, 2023.

STML is a public limited company engaged in the business of manufacturing, sale, and trading of yarn and cloth.

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