Crescent Steel and Allied Products : WITHDRAWAL OF AGENDA ITEM FOR INCREASE IN AUTHORIZED SHARE CAPITAL
June 16, 2023 at 12:28 am EDT
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CSAPL/CS-10/273
June 15, 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi.
RE: WITHDRAWAL OF AGENDA ITEM FOR INCREASE IN AUTHORIZED SHARE CAPITAL
Dear Sir,
We have to inform that the Board of Directors of Crescent Steel and Allied Products Limited ("the Company") decided to withdraw the proposed Resolution to increase the Authorized Share Capital of the Company from Rs. 1 Billion to Rs. 5 Billion and consequent amendment of clause 5 of the Memorandum of Association and clause 5(2) of Article of Association of the Company accordingly. The following agenda items will remain intact to be transacted as per Notice of EOGM to be held on June 21, 2023 at 11:00 a.m. at 03-E, Johar Town, Lahore and through video-link which was proposed by the Board of Directors in their meeting held on May 30, 2023.
Transmission of Annual Audited Financial Statements through QR Code and Weblink.
Substitute the Article 85 of the Articles of Association of the Company to read as follows:
"85. CAPITALISATION OF RESERVE
The Board of Directors may resolve that any moneys, investments or other assets forming part of the undivided profits of the Company standing to the credit of any reserve or other fund or in the hands of the Company and available for dividend (or representing premiums received on the issue of shares and standing to the credit of the share premium account) be capitalized and distributed amongst such of the Members as would be entitled to receive the same if distributed by way of dividend and in the same proportions on the footing that they become entitled thereto as capital, and that all or any part of such capitalized fund be applied on behalf of such Members in paying up in full, any unissued shares, debentures or debenture-stock of the Company which shall be distributed accordingly, and that such distribution or payment shall be accepted by such Members in full satisfaction of their interest in the said capitalized sum."
You may please inform the TRE certificate holders of the Exchange according.
Thanking you,
Yours truly,
Crescent Steel and Allied Products Limited
Azeem Sarwar, FCA
Company Secretary
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Crescent Steel & Allied Products Ltd. published this content on 16 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2023 04:27:07 UTC.
Crescent Steel and Allied Products Limited is a Pakistan-based conglomerate which operates businesses in four sectors: engineering, textiles, capital markets and power. It is spread over six campuses in Pakistan. The Company operates five divisions and two wholly owned subsidiaries. Its divisions include Steel Division, Cotton Division, Investment and Infrastructure Development Division, Crescent Hadeed Division, and CS Energy Division. Steel Division operates two Helical Seam Submerged Arc Welded steel pipe manufacturing lines. Cotton Division comprises one spinning unit with approximately 19,680 spindles. Investment and Infrastructure Development Division manages investment portfolios in securities (shares, bonds, and other securities), across diversified sectors, and investment properties. Crescent Hadeed Division manufactures and sells steel ballets. CS Energy Division provides electricity internally to Crescent Hadeed Division -Billet Manufacturing Unit.