Vassiliko shareholders back amendments to company rules

Vassiliko Cement Works Public Company Ltd on Friday announced that shareholders approved special resolutions at an extraordinary general meeting to amend the company’s memorandum and articles of association.

The company stated that the resolutions were unanimously approved by shareholders present at the meeting.

The company announced that the first resolution involves an amendment to its memorandum of association.

Specifically, the update relates to the company’s authority to invest funds that are not immediately needed for business operations in a manner determined by the board from time to time.

Following this amendment, the company confirmed that it will apply to the District Court of Nicosia for approval of the change to its memorandum.

The second resolution relates to the amendment of the articles of association through the addition of a new regulation.

What is more, the company stated that, subject to legal provisions, it is now authorised to purchase and acquire its own shares, including those that are redeemable.

As part of this update, the company also confirmed a systematic renumbering of the subsequent sections within its articles of association to accommodate the amendment.

The approved changes form part of the company’s ongoing efforts to update its corporate governance framework and align its internal rules with current legal provisions.