Bilal Fibres Limited, a leading manufacturer and exporter of yarn, has announced significant corporate changes following a Board of Directors (BOD) meeting held today.
The company has outlined a series of decisions aimed at restructuring and expanding its operations, subject to shareholder and regulatory approvals.
The company has proposed changing its name from Bilal Fibres Limited to Zuma Resources Limited. This change is contingent upon approval from the Companies Registration Office, Lahore (SECP), and the company’s shareholders.
The Board has approved an increase in the company’s authorized share capital from Rs. 150 million (15 million ordinary shares of Rs. 10 each) to Rs. 350 million (35 million ordinary shares of Rs. 10 each). This move is aimed at supporting the company’s growth and expansion plans.
The resignations of Mr. Muhammad Omer and Mr. Shahid Iqbal as Directors have been accepted. In their place, Mr. Sohaib Anwar and Ms. Saniya Akhter have been appointed as new Directors.
The company’s existing auditors, M/s Mushtaq & Company, Chartered Accountants, have resigned due to over-occupancy. The Board has approved the appointment of M/s A.H.W. Chartered Accountants to fill the casual vacancy.
The Chief Executive Officer has been authorized to call an Extraordinary General Meeting (EGM) to seek shareholder approval for the proposed name change and increase in authorized share capital.