KARACHI, June 15: A meeting of the Board of Directors of ICI Pakistan Limited, held on Tuesday, proposed to recommend to the Members that the Board should be authorised to dispose of ICI Pakistan's entire shareholding in Pakistan PTA Limited.

A notice issued by the ICI on Tuesday said that such shareholding of ICI Pakistan Limited in Pakistan PTA Limited, which stood at 25 per cent, should be authorised to be disposed of at such times and in such lots as the Board might decide having regard to the funding arrangements of the company over time and to benefit from opportunities arising in the future.

"For this purpose the Board resolved that an Extraordinary General Meeting of the shareholders be convened and held on Friday, August 20 at 10 a.m at ICI House, 5 West Wharf, Karachi", the company said.

The share transfer books of the company would remain closed from August 14, 2004 to August 20, 2004 (both days inclusive). "The notice of meeting along with a statement of material facts as required under Section 160(1)(b) would be sent to the shareholders 21 days before the meeting, the company said.