Shareholders of Lotte Chemical Pakistan Limited have approved two key special resolutions at an extraordinary general meeting held in Karachi, clearing the way for a major corporate rebranding and a substantial increase in authorized share capital.
The meeting was held at 11:00 a.m. at the National Institute of Banking and Finance on M.T. Khan Road, where members voted in favour of both items placed before them as special business.
Authorized Share Capital Doubled
The first resolution increases the company’s authorized share capital from Rs20 billion to Rs40 billion.
The change raises the authorized limit from 2 billion ordinary shares with a face value of Rs10 each to 4 billion ordinary shares of the same denomination.
The company’s Memorandum of Association and Articles of Association will be amended accordingly to reflect the higher authorized capital.
The increase provides additional headroom for potential future equity issuance and capital requirements. However, the resolution itself does not mean that the company is immediately issuing new shares.
Name Change To Noventra Limited
The second special resolution approves changing the company’s name from Lotte Chemical Pakistan Limited to Noventra Limited.
The name change remains subject to the required approvals, consents and permissions under the Companies Act, 2017 and other applicable laws.
Following completion of the regulatory process, references to Lotte Chemical Pakistan Limited in the company’s constitutional documents will be replaced with Noventra Limited.
The rebranding follows a change in majority ownership last year after PTA Global Holding acquired the business. The new corporate identity marks another formal step following the change in ownership.
Next Formal Steps
The company’s chief executive, chief financial officer and company secretary have been authorized to complete the necessary corporate and regulatory formalities.
They will submit the amended constitutional documents, declarations and other required papers to the Securities and Exchange Commission of Pakistan and other relevant authorities.
The company has also sent a certified true copy of the approved resolutions to the stock exchange.
The next stage will be the completion of the regulatory registration process for both the increased authorized capital and the new corporate name.
For investors, the resolutions provide clarity on the company’s intended corporate identity and increased capacity for future capital raising. The actual impact will depend on how the new structure is used following completion of the required approvals.