KARACHI, May 29: Javedan Cement Limited told the stock exchange on Wednesday that the company proposes to convert debts due to State Cement Corporation of Pakistan (SCCP) into equity.

The following is the draft of the special resolution to be moved by the company: “Resolved and hereby agreed that the authorized capital of the company be increased from the existing Rs150 million to Rs700 million. Further resolved and agreed that the existing paid-up capital of Rs88 million be increased to Rs560 million by converting the local and foreign currency loans of SCCP of Rs472 million by issuance of 47.2 million shares of Rs10 each, subject to necessary permission required from the SECP and compliance of requirements of all relevant laws”.

The resolution further provides that the company secretary be authorized to undertake all necessary actions and to complete all formalities required, including issuance of notice

to shareholders, obtaining permission from the SECP and relevant amendments in the Memorandum and Articles of Association, etc.