JDW Sugar Mills Limited (PSX: JDWS) has sought shareholder approval to dispose of its entire project land measuring 243 kanals and 18 marlas located at Mouza Mangowal, Tehsil Kunjah, District Gujrat, the company disclosed on Thursday.
The approval would authorize the Board of Directors to sell the land either in parts or as a whole, ensuring the transaction is conducted at the best available market price. The proposed sale follows earlier shareholder approvals granted on December 13, 2021, and subsequent approvals in January 2023, 2024, and 2025, as well as other applicable provisions.
Referred to as the FPML Land, the property will be sold subject to completion of all legal formalities, removal of encumbrances, and resolution of any pending litigation, if applicable. The resolution empowers the Board to negotiate with potential buyers, obtain and accept offers, finalize sales, and determine terms and conditions deemed in the best interest of the company and shareholders.
The Board is also authorized to receive and utilize the entire sale proceeds, execute and sign all required documents including agreements to sell, sale deeds, conveyances, or any other legal instruments needed to complete the transaction.
It may also represent the company before relevant government departments and authorities, including the Securities and Exchange Commission of Pakistan (SECP), Sub-Registrar offices, revenue authorities, and the Punjab Land Records Authority, to obtain and process all land-related documents.
Additionally, the company secretary and chief financial officer have been authorized, jointly or separately, to ensure compliance with all procedural and regulatory requirements related to the sale and removal of encumbrances.
The Board may also make necessary modifications to the resolutions if required by the SECP or any other regulatory authority, without seeking further shareholder approval.
All actions taken under previous approvals related to the FPML land sale have been ratified and confirmed as lawful acts of the company, ensuring continuity and legal compliance in the disposal process.
