ISLAMABAD: Gujranwala Electric Power Company Limited (GEPCO) has proposed a 50 percent increase in its authorised share capital, ie, from Rs50 billion to Rs75 billion, following directions conveyed by the Cabinet Committee on Privatisation through the Privatisation Commission, according to an official notice issued by the company, sources close to CEO GEPCO told Business Recorder.

The proposal will be placed before the company’s 34th Extraordinary General Meeting (EOGM), scheduled to be held on October 22, 2026.

The proposed increase in authorised share capital will require an amendment to the relevant capital clause of the company’s Memorandum of Association.

The company has proposed to increase its authorised share capital from Rs50,000,000,000, divided into five billion ordinary shares of Rs10 each, to Rs75,000,000,000, divided into 7.5 billion ordinary shares of Rs10 each, subject to applicable laws, rules and regulations.

The notice states that the proposal is being brought in pursuance of directions of the Cabinet Committee on Privatisation, conveyed by the Privatisation Commission through its letter No. 37(UPS/PADISC)/2020 dated September 25, 2026.

The proposed special resolution, if approved by the shareholders, will authorise the necessary amendment to the company’s Memorandum of Association to reflect the revised authorised share capital.

The notice also seeks approval for authorising GEPCO’s Chief Executive Officer and Company Secretary, jointly or severally, to undertake all acts, deeds and other measures necessary to implement the resolution.

These powers would include making applications, submissions and filings with the Securities and Exchange Commission of Pakistan (SECP), the Registrar of Companies and other competent authorities, as well as filing the prescribed forms, including Form-26 and Form-7, and submitting the amended Memorandum of Association.

The proposed resolution further authorises the CEO and Company Secretary to make such modifications, amendments, corrections or additions to the relevant documents and filings as may be required by the SECP or another competent authority, provided such changes do not materially alter the substance of the approval granted by the Board members.

The EOGM will also consider confirmation of the minutes of GEPCO’s 33rd Annual General Meeting, held on October 24, 2025.

The meeting is being convened at shorter notice under the proviso to Section 133(8) of the Companies Act, 2017, subject to the agreement of all members entitled to attend and vote. The notice requests the relevant members to convey their consent to waive the requirement of 21 days’ notice under the law.

The Secretary, Ministry of Energy (Power Division), has been requested to issue the necessary proxy and authorisation to exercise the Federal Government’s voting rights at the EOGM and convey consent to the waiver of the 21-day notice requirement.

The notice has also been circulated to relevant officials and directors, including the Deputy Secretary (Corporate Affairs) and a Section Officer of the Power Division, the Registrar of the SECP, and members of GEPCO’s Board of Directors. The company’s Chief Executive Officer has also been requested to convey consent to the waiver of the notice period.

The proposed increase concerns the company’s authorised share capital, which represents the maximum share capital it is permitted to issue under its constitutional documents. The notice does not specify whether the additional authorised capital will be issued immediately, nor does it provide details of any proposed share issuance, the amount of fresh equity to be raised or the intended utilisation of any proceeds.

The proposal will therefore require consideration and approval at the scheduled EOGM before the relevant amendment can be implemented, alongside completion of the applicable corporate and regulatory formalities.MUSHTAQ GHUMMAN