KARACHI: The extra-ordinary general meeting (EGM) of Hascol Petroleum Limited on Tuesday granted its approval to increase authorized share capital of the company from Rs 10 billion to Rs 50 billion.

The EGM resolved that the authorized capital of the company be and is hereby increased from Rs 10 billion divided into one billion ordinary shares of Rs 10 each to Rs 50 billion divided into 5 billion ordinary shares of Rs 10 each, a notice send to Pakistan Stock Exchange said.

The EGM also resolved that the existing Clause of V of the Memorandum of Association and Article 3 of the Article of Association of the company be and are hereby amended accordingly to read as “The Authorized capital of the Company will be Rs 50 billion (Rupee fifty billion) divided into 5 billion ordinary shares of Rs 10.00 each”.

The EGM authorized the company secretary to take necessary steps and execute documents as may be expedient for the purpose of giving effect to the spirit and intent of the above resolutions. The EGM also resolved that the retention of M/s Grant Thornton Anjum Rahman as sole auditors of the Company for the year 2020 be and is hereby approved.

Copyright Business Recorder, 2021