Shell Pakistan to increase authorised share capital from Rs 1.5 bln to Rs 3 bln

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By MG News | December 09, 2020 at 03:10 PM GMT+05:00

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December 09, 2020 (MLN): The Board of Directors of Shell Pakistan Limited, in Extraordinary General Meeting held today has passed the resolution to increase authorised share capital of the Company, from Rs. 1,500,000,000/- (Pakistan Rupees One Billion Five Hundred Million Only) to Rs. 3,000,000,000/- (Pakistan Rupees Three Billion Only).

The above decision is subject to obtaining the requisite approvals from the shareholders of the Company.

Moreover, as a consequence of the said increase in the authorized share capital of the Company, the existing Clause 5 of the Memorandum of Association of the Company be replaced accordingly to read as follows:

"The Share Capital of the Company is Rs. 3,000,000,000/- (Pakistan Rupees Three Billion Only) divided into 300,000,000 shares of Rs. 10/- each, with power to increase and reduce the Capital of the Company."

The Board further resolved that Ms. Lalarukh Hussain-Shaikh, the Company Secretary, and Mr. Faisal Waheed, the Chief Financial Officer and Director of the Company, be authorized to do all acts, deeds and things, take any and all actions as may be necessary or expedient to complete all legal formalities.

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