The shareholders of Ghazi Fabrics International Limited (PSX: GFIL) have formally approved the sale of the company’s land located in Tehsil Pattoki, District Kasur, Pakistan. The land, measuring approximately 175 Kanal and 10 Marla and situated at Mohal Chak No. 66 (Dina Nath), is to be sold under terms negotiated and finalized by an authorized representative of the company, according to a stock exchange filing on Tuesday.
To facilitate the sale, the company’s Board of Directors has been granted authority to make any modifications to the transaction resolution that may be required by the Securities and Exchange Commission of Pakistan (SECP) or any other relevant regulatory body. These adjustments, if needed, can be made without seeking fresh shareholder approval.
Additionally, the company’s Chief Executive Officer and/or Company Secretary have been individually authorized to manage all required regulatory processes. This includes handling statutory filings, public announcements, and communications with authorities such as the SECP, Pakistan Stock Exchange (PSX), and the Registrar of Companies.
The approval marks a key development in Ghazi Fabrics’ asset management strategy, though further details such as the buyer, sale value, or use of proceeds were not disclosed in the filing.
