The Board of Directors of Ittehad Chemicals Limted (PSX: ICL) in its meeting held today has resolved to sell its land located at Mouza Hassanabad, Barki Road, Lahore measuring approximately 66 kanals.
The property is presently categorized under the head “Investment Property” in the Financial Statements of the Company along with buildings, cables, fixtures, and fittings pertaining thereto to meet some of the equity portion of the upcoming Biomass Power Plant Project of its Wholly owned Subsidiary i.e. M/s ICL Power (Pvt.) Limited, the company said in a stock filing today.
This decision is subject to the approval of the shareholders under Section 183(3)(a) of the Companies Act, 2017.
An Extraordinary General Meeting (“EOGM”) in this regard, is scheduled to be held on February 19, 2025, at 11:00 am at the registered office of the Company, 39-Empress Road, Lahore, the filing added.