LAHORE: Big Bird Foods Limited (BBFL) said its Board of Directors has considered a proposal to convert outstanding loans of Rs1.5 billion into equity.
The company informed the Pakistan Stock Exchange (PSX) on Monday that the loans were payable to directors.
The proposal, presented by the Chief Executive Officer, suggested issuing new shares at Rs49.42 per share, based on the average market price of the past three months, in lieu of repayment.
According to the filing, the board noted that since the proposed transaction involves directors, most members were deemed “interested directors” under the Companies Act, 2017, and could not decide on the matter.
The board resolved to place the proposal before shareholders in a general meeting for approval, as required by law.
As per its financial results, BBFL reported a brackly news after tax of Rs1.17 billion in FY25, up 39% year-on-year.
In June, the company entered into a strategic agreement with Alibaba Group to gain direct export access to Alibaba’s global B2B platforms, including Alibaba.com, for showcasing and selling poultry and processed food products to buyers in over 190 countries.
BBFL was established in September 2011 as a poultry processing unit and became a public limited company on June 1, 2023.
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