In an extraordinary general meeting on 29 May, the shareholders of Service Fabric Limited approved a change of the name of the company according to a notification that it submitted to the Pakistan Stock Exchange (PSX) on Monday.

Service Fabrics Limited has been renamed ‘G3 Technologies Limited’, subject to the approval of the Securities and Exchange Commission of Pakistan (SECP) or the Registrar of the Companies. The original company had reportedly ceased operations in 2004, and is now back with a changed line of business.

The principle business of the Company was manufacturing and selling of fabrics but from 2004 onwards, but it could not continue its core activities owing to unfavorable economic situation. Later, the Company remained under the management of some persons who wanted to change the business of the Company into an FMCG business.

However, upon their failure to do so, some key investors approached the new management to take over the Company, who have since appointed a broad-based Board of Directors for strategic reorientation of the business of the Company.

Accordingly, the existing object clause under Clause III of the Memorandum of Association of the Company regarding the principle line of business has been replaced with the following clause:

“The principal line of business of the company shall be to establish and run technological projects, products, related know-how and research & development and to invest directly and indirectly in the manufacturing, trade, import, export and related consultancy and to provide infrastructural projects subject to permission of relevant authorities”.

According to the notification, the Company will also be allowed to undertake or indulge either directly or indirectly in the business of a Banking Company, a Non-banking Finance Company (Mutual Fund, Leasing, an Investment Company, an Investment Advisor, a Real Estate Investment Trust Management Company, a Housing Finance Company, a Venture Capital Company, Discounting Services, or a Microfinance or Microcredit business), an Insurance Business, a Modaraba Management Company, a Stock Brokerage business, Forex, a managing agency, a business for the provision of the services of security guards, or any other business restricted under any law for the time being in force or as may be specified by the SECP.

The notification also detailed that according to the newly passed resolution, the Company will not launch any multi-level marketing (MLM), Pyramid and Ponzi Schemes, or other related activities/businesses or any lottery business. It will also not engage in any permissible business unless the requisite approval, permission, consent, or license is obtained from the competent authority as may be required under any law for the time being in force.

Additionally, the shareholders approved the increase of the Authorized Share Capital of the Company from Rs. 160 million to Rs. 2.5 billion. They also approved the company’s Revival Business Plan to be presented to the SECP and the Lahore High Court (LHC) for their approvals, thereafter to be implemented by the Company.

The shareholders further concurred that the approval is hereby accorded for entrance into an irrevocable Voting Trust Agreement with the trust company Digital Custodian Limited and/or with any other company as may be decided by the management of the Company, the notification said.

Furthermore, it was also resolved that the aforementioned Revival Business Plan and irrevocable Voting Trust Agreement will be subject to any amendment, modification, addition, or deletion as may be deemed appropriate by the authorized person, or may be suggested, directed, and advised by the SECP and/or the LHC, Lahore whose suggestion, direction, and advice will be deemed to have been approved as part of the ordinary resolution passed without the need of members to pass a fresh ordinary resolution.

The Company’s shareholders further resolved for the Chief Executive and Company Secretary to be singly authorized to carry out all acts, deeds, and things, and take all the steps and necessary actions, ancillary and incidental, including the filing of the requisite documents and returns as may be required with the Registrar of Companies, the SECP, and complying with all other regulatory requirements to effectuate and implement the said regulations, the notification detailed.