KARACHI, May 29: ICI Pakistan Limited proposes to make further investment in Pakistan PTA Limited by way of equity and provision of guarantees for obligations of that company.

The notice of the extraordinary general meeting of ICI Pakistan to be held on June 29, stated that the following resolution would be passed as a special resolution: “Resolved that the company do make of further investment in Pakistan PTA Limited by subscribing to its proportionate share of the right shares proposed to be offered by Pakistan PTA Limited at a discount and by providing from time to time guarantees for the obligations and liabilities of Pakistan PTA Limited up to a maximum aggregate sum at any one time of Rs15.8 billion, which guarantees may be provided in substitution of or by way of extension of any such guarantees already provided and or by issuance of further or additional guarantees”.

The meeting would also be asked to adopt a new set of Articles of Association of the company, in substitution for, and to the exclusion of, all the existing articles, thereof. This, analysts say, had been necessitated following the severance of the company’s PTA arm into the separately listed company — Pakistan PTA Limited.