The Board of Directors of Shield Corporation Limited (PSX: SCL) has approved the sale of the company’s property located in P.E.C.H.S., Karachi.
“The Board of Directors have approved sale of the Company’s property, represented as “investment property” in June 30, 2024, financial statements, located in P.E.C.H.S., Karachi.” the company said in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
The notice said further that the sale is to be made to Pharmevo Private Limited (related party) as. The transaction is subject to completion of necessary formalities and obtaining of all necessary approvals and consents, it said.
Further, the Chief Executive Officer and Executive Director are authorized to finalize and execute all necessary documents and sale agreements in relation to the above, the notice added.
SCL is mainly engaged in the manufacturing, trading and sales of oral care and baby care products.