Karachi: Blessed Textiles Limited has announced key corporate developments, including changes to its board and audit committee, as well as the approval of a proposed related-party land transaction that will be presented to shareholders for approval.
According to the company’s disclosure to the Pakistan Stock Exchange (PSX), Mr. Bilal Sharif has resigned from the Board of Directors and the Audit Committee due to personal reasons. The board has accepted his resignation, creating a casual vacancy on the Audit Committee.
To fill the vacancy, the board has unanimously appointed Mr. Asif Elahi, an Independent Director, as a member of the Audit Committee with effect from April 29, 2026. The company stated that the appointment has been made in accordance with the relevant provisions of the Companies Act, ensuring continuity in the committee’s oversight responsibilities.
In another significant decision, the board approved the proposed sale and transfer of 10 acres of land to the related party M/s Umer Farms (Pvt.) Ltd. on an arm’s-length basis. However, the transaction remains subject to shareholder approval. To obtain the necessary consent, the company will convene an Extraordinary General Meeting (EOGM) in line with Sections 183 and 207–208 of the Companies Act.
The board has also authorized Mr. Mohammad Salim and Mr. Muhammad Shaheen to act individually, or appoint an attorney if required, to complete all legal documentation and regulatory formalities necessary for executing the transaction in the best interests of the company and its shareholders.
The disclosure reflects Blessed Textiles’ ongoing corporate governance measures while outlining the next steps for a strategic asset transaction that will require shareholder endorsement before it can proceed.
