Service Fabrics is Renaming to G3 Technologies Limited
According to a notification the firm submitted to the Pakistan Stock Exchange, Service Fabric Limited’s shareholders authorized a change in the company’s name at an extraordinary general meeting (PSX).
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Subject to the permission of the Securities and Exchange Commission of Pakistan (SECP) or the Registrar of the Companies, Service Fabrics Limited has been renamed “G3 Technologies Limited.” The original business purportedly stopped operating in 2004 but has now resumed operations under a new corporate name.
The Company’s primary line of business was the production and sale of fabrics, but starting in 2004, it was unable to carry on with these main operations due to bad economic conditions. Later, the Company was still run by some individuals who wished to convert the Company’s operations into an FMCG company.
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However, when they were unable to do so, some significant investors approached the new management to take over the company. As a result, the new management created a diverse Board of Directors to help the company strategically realign its operations.
The Authorized Share Capital of the Company was increased by the shareholders from Rs. 160 million to Rs. 2.5 billion. Additionally, they gave their consent for the company’s Revival Business Plan to be submitted for approval to the SECP and the Lahore High Court (LHC) and then carried out by the Company.
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