Karachi: Descon Chemicals Limited informed Pakistan Stock Exchange that the Board of the company in its meeting held on February 22, 2016 has considered and recommended to the shareholders of the company, for the change of name of Descon Chemicals Limited to Nimir Resins Limited, subject to the approval of the shareholders and Registrar of Companies after completing all necessary procedures and approvals prescribed by law with a view to making the change of name complete and effective.
Furthermore, to put this decision into effect, the Board has also proposed amendment in the Clause 1 of the Memorandum and Article 1 of the Articles of Association of Company, in accordance with requirement under the Ordinance.
Descon Chemicals Limited was incorporated in Pakistan on December 17, 1964 as a private limited company and was converted into public limited company on August 19, 1991 with the name of Nimir Resins Limited. The name of the company was changed to Descon Chemicals Limited on April 01, 2010 when the company entered a scheme of arrangement for merger/amalgamation with Descon Chemicals Private Limited. The foundations of the company have been laid under the Companies Ordinance, 1984. The principal activity of the company is manufacturing surface coating resins and polyesters for paint industry and optical brightener and textile auxiliaries for textile industry. The stocks of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is located at Lahore.
The company has a workforce of 600 persons which operates from Lahore. The product range of the company includes 200 innovative products and services for markets including Coating & Emulsion, Paper and Packaging, Textile Auxiliaries, Printing Inks and Unsaturated Polyester. The plant owned by the company has an annual capacity of 30,000 metric tons.
The symbol “DCH” is being used by the stock exchanges for the shares of Descon Chemicals Limited.