The Board of Bilal Fibres Limited has approved changing the company’s name to Zuma Resources Limited and increasing its authorized share capital, according to a filing with the Pakistan Stock Exchange (PSX) on Tuesday.
However, the company said that the name change is subject to shareholder approval and registration with the SECP.
The company said that the authorized share capital will be increased from the existing PKR 150,000,000 divided into 15,000,000 ordinary shares of Rs10 each to PKR 350,000,000 divided into 35,000,000 ordinary shares of Rs 10 each.
The company has also accepted the resignations of directors Mr. Muhammad Omer and Mr. Shahid Iqbal, replacing them with Mr. Sohaib Anwar and Ms. Saniya Akhter.
In addition, Bilal Fibres has appointed new auditors, M/s A.H.W. Chartered Accountants, after the resignation of M/s Mushtaq & Company.
The company’s Chief Executive Officer and Company Secretary have been authorized to complete all necessary corporate formalities and to call an Extraordinary General Meeting to secure shareholder approvals for the name change and capital increase.
Last month, Bilal Fibres informed the Pakistan Stock Exchange (PSX) that its operations were suspended for the quarter ending June 30, 2025, with no business activities conducted. However, the company has now taken a major step toward revitalization.
Bilal Fibres also announced a Rs10 million business plan to establish an in-house IT division. According to a nine-page filing, the plan outlines the creation of a start-up environment featuring five laptops, two software engineers, a marketing specialist, and a strategy focused on acquiring clients through online labor platforms like Upwork and Fiverr.
The management stated that the allocated funds will cover basic equipment, registrations, and one year’s salaries. The company said it aims to break even within 12 to 18 months by offering services such as website development (Rs100-250k per project), mobile-app MVPs (Rs300k-1m), and monthly IT support retainers. Board meeting minutes revealed that annual revenue potential could range from Rs12 million to Rs70 million if the team secures a few contracts each quarter.
