Ghani Chemical Industries Limited (PSX: GCIL) has announced its intention to venture into the power generation sector by establishing a wholly-owned subsidiary named Ghani Power (Private) Limited, pending approval from the Securities and Exchange Commission of Pakistan (SECP).
Additionally, the company aims to expand into the gas industry by acquiring Ghani Gases (Private) Limited, an associated company with a nominal paid-up capital of Rs. 25,000/-. Ghani Chemical Industries plans to purchase this company at Rs. 100,000/- and convert it into a wholly-owned subsidiary, pending approval from the shareholders.
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To accommodate these strategic decisions, the company has rescheduled its Extraordinary General Meeting from February 24, 2024, to March 2, 2024, and extended the closure of Share Transfer Books from February 17, 2024, to March 1, 2024. Any changes to the agenda items will be communicated through PUCARS shortly, according to the filing.