According to a notification published to the Pakistan Stock Exchange (PSX) on Monday, the shareholders of Service Fabric Limited approved a change of the company’s name at an extraordinary general meeting on May 29.
Subject to the approval of the Securities and Exchange Commission of Pakistan (SECP) or the Registrar of the Companies, Service Fabrics Limited has been renamed ‘G3 Technologies Limited.’ The original company had reportedly ceased operations in 2004, and is now back with a changed line of business.
The Company’s primary activity was the manufacture and sale of fabrics, however due to the adverse economic environment, it was unable to continue its core activities after 2004. Later, the company was managed by a group of people who intended to turn it into a fast-moving consumer goods company.
However, when they failed to do so, some major investors asked the new management to take over the company, and the new management has since created a broad-based Board of Directors to refocus the company’s business strategy.
As a result, the existing object clause regarding the principal line of business in Clause III of the Company’s Memorandum of Association has been replaced with the following clause:
“The company’s primary line of business shall be to establish and operate technological projects, products, related know-how, and research and development, as well as to invest directly and indirectly in manufacturing, trade, import, export, and related consultancy, and to provide infrastructural projects, subject to relevant authorities’ permission.”
The Company will also be allowed to engage in the business of a Banking Company, a Non-banking Finance Company (Mutual Fund, Leasing, an Investment Company, an Investment Advisor, a Real Estate Investment Trust Management Company, a Housing Finance Company, a Venture Capital Company, Discounting Services, or a Microfinance Company, according to the notification.
According to the newly passed resolution, the Company will not initiate any multi-level marketing (MLM), Pyramid, or Ponzi Schemes, or other related activities/businesses, or any lottery company, according to the announcement. It will also not engage in any permissible business unless it obtains the necessary approval, permission, consent, or licence from the responsible authorities as needed by any current legislation.
The shareholders also authorised an increase in the Company’s Authorized Share Capital from Rs. 160 million to Rs. 2.5 billion. They also agreed to deliver the company’s Revival Business Plan to the SECP and the Lahore High Court (LHC).
The shareholders also agreed that consent is hereby granted for the Business’s management to enter into an irrevocable Voting Trust Agreement with the trust company Digital Custodian Limited and/or any other company, according to the statement.
The shareholders also agreed that consent is hereby granted for the Business’s management to enter into an irrevocable Voting Trust Agreement with the trust company Digital Custodian Limited and/or any other company, according to the statement. The shareholders also agreed that consent is hereby granted for the Business’s management to enter into an irrevocable Voting Trust Agreement with the trust company Digital Custodian Limited and/or any other company, according to the statement.
It was also decided that the aforementioned Revival Business Plan and irrevocable Voting Trust Agreement would be subject to any amendment, modification, addition, or deletion as deemed appropriate by the authorised person, or as suggested, directed, and advised by the SECP and/or the LHC, Lahore, whose suggestion, direction, and advice would be deemed to have been approved a prior time.
