JDW Sugar Mills Decides to Sell Project Land of Subsidiary

The shareholders of JDW Sugar Mills Limited (PSX: JDWS) have approved to sell the entire project land of its subsidiary Faruki Pulp Mills Limited (FPML), the company informed the Pakistan Stock Exchange on Wednesday.

The shareholders accorded consent for the disposal and sale of the entire project land i.e. 243 kanals and 18 marlas of FPML situated at Mouza Mangowal, Tehsil & District Gujrat either in parts or in their entirety, to the prospective buyer(s) subject to completion of all necessary formalities and procedures in relation thereto and removal of any encumbrances created thereupon, etc.

The filing said that as part and parcel of the foregoing consent, the Board of the Company has been authorized and empowered for the disposal and sale of FPML Land and to take necessary steps as the Board may in its absolute discretion deem necessary to implement and to give effect to the disposal and sale of FPML Land and the transaction contemplated by it, which shall include, but not limited to:

1. Conducting negotiations, obtaining quotations, accepting offers, finalization of sale transactions, etc., with any interested and potential buyer(s) in such manner and on such terms and conditions as are in the best interests of the Company and its shareholders by ensuring the best available market price for FPML Land’s sale;
2. Receiving and utilization of the entire sale consideration for FPML Land;
3. Signing, executing, and entering into any agreement, agreement to sell, sale deed, conveyance, or any other agreement or any other instrument or document with the potential buyer(s) or another person to give effect and to complete FPML Land’s sale transaction; and
4. To appear before and to represent the Company through its representative(s) before any governmental authority, governmental body, governmental department, or office including but not limited to Securities and Exchange Commission of Pakistan(SECP), Sub-Registrar, Tehsildar, Patwari, Arazi Record Center, Punjab Land Records Authority, etc. as required from time to time to effectuate this FPML Land’s sale transaction and to obtain any document (whether in original or certified copy) from any governmental body including Fard, Fard for Sale, Fard for Record, Mutations, Aks Shajra, Stamp Papers, certified copies, etc.

JDWS has further authorized the Company Secretary/Chief Financial Officer of the Company to give effect and comply with all due formalities connected to these resolutions and FPML land’s sale transaction of the Company and removing any encumbrances created thereon.

The company has decided to take all actions incidental or ancillary thereto concerning its FPML land’s sale, the filing added.