JDW Sugar Mills Limited (PSX: JDWS) has approached its shareholders for approval to dispose of its entire project land measuring 243 kanals and 18 marlas, located at Mouza Mangowal, Tehsil Kunjah, District Gujrat.

If approved, the resolution will authorize the company’s Board of Directors to sell the land, either in full or in parts, to prospective buyers at the best prevailing market price, based on commercial considerations.

The proposed transaction follows earlier shareholder approvals granted on December 13, 2021; January 23, 2023; January 23, 2024; and January 24, 2025, and is subject to compliance with all applicable legal and regulatory requirements.

The land, referred to as the FPML Land, will be disposed of after completion of necessary legal formalities, including clearance of encumbrances and resolution of any pending litigation, where applicable.

Under the proposed authorization, the Board will have the power to negotiate with buyers, receive and accept offers, finalize sale agreements, and determine transaction terms deemed to be in the best interest of the company and its shareholders. The Board will also be authorized to receive and utilize the entire sale proceeds arising from the transaction.

Additionally, the Board may execute all required legal documents, including agreements to sell, conveyance deeds, and other instruments necessary to complete the sale. It has also been empowered to represent the company before relevant authorities, including the Securities and Exchange Commission of Pakistan, Sub-Registrar offices, revenue departments, and the Punjab Land Records Authority.

The company secretary and chief financial officer have been authorized, jointly or individually, to ensure procedural compliance and facilitate the removal of any encumbrances related to the land.

Furthermore, the Board may amend the resolution if required by regulatory authorities without seeking fresh shareholder approval. All actions taken under previous approvals related to the FPML land disposal have also been formally ratified and confirmed.