Karachi: Hascol Petroleum Limited, a leading petroleum marketing company in Pakistan, has sold its two properties at Dolmen Sky Tower, Clifton Karachi to improve its liquidity crunch, the company said in its Pakistan Stock Exchange (PSX) notice here on Monday.
According to the notification, the company has sold its Dolmen Sky Tower, Clifton Karachi properties to the owners of Liberty Mills Limited. However, the company did not disclose the cost of the deal or the prices of the property.
The Board of Directors had already approved this deal with Liberty Mills Ltd as part of the restructuring exercise to improve the liquidity of the company, which will definitely add a positive financial impact on the company’s cash flows.
The extraordinary general meeting (EGM) of Hascol Petroleum Limited on Tuesday granted its approval to increase the authorised share capital of the company from Rs 10 billion to Rs 50 billion.
According to another previous notice, the company’s EGM resolved that the authorised 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.
The EGM also resolved that the existing Clause 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 notice claimed.
The EGM authorised the company secretary to take the 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 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.