Latest news with #MemorandumandArticlesofAssociation
Malaysian Reserve
17-07-2025
- Business
- Malaysian Reserve
Cango Inc. Announces Results of Second Extraordinary General Meeting
HONG KONG, July 17, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) ('Cango' or the 'Company') today announced that all resolutions presented to shareholders at its extraordinary general meeting held on July 17, 2025 (the 'Second Extraordinary General Meeting') were duly passed. Each was approved by no less than 99.3% of the total votes cast, and no less than 81% of the votes cast by non-affiliate shareholders of the Company were in favor of each of the resolutions. The approved resolutions authorize significant actions, including the execution and performance of a Securities Purchase Agreement (SPA) dated June 2, 2025, for the secondary sale of 10 million Class B ordinary shares by co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin to Enduring Wealth Capital Limited for US$70 million. This includes the repurchase of automatically converted Class A ordinary shares and the issuance of an equivalent number of Class B ordinary shares. Additionally, shareholders approved an increase in the Company's authorized share capital to support future financing and corporate needs, as well as the adoption of the Fourth Amended and Restated Memorandum and Articles of Association to reflect the updated share capital structure. The Company expects to file the Fourth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar promptly following the Second Extraordinary General Meeting. Closing of the Secondary Sale is expected on or around July 22, 2025, subject to customary closing conditions. While all relevant parties are actively coordinating on the closing of the Secondary Sale, there can be no assurance that these conditions will be satisfied or that the Secondary Sale will be completed on or before the expected closing date—or at all. The full text of each resolution was included in the notice of the Second Extraordinary General Meeting, which was furnished to the Securities and Exchange Commission (the 'SEC') on Form 6-K on June 16, 2025. The full text of each resolution is also available on the Company's website: About Cango Inc. Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the completion, amendment or reversal of any transactions entered into, proposed or considered by Cango; Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations ContactYihe LiuCango +86 21 3183 5088 ext.5581Email: ir@ Logo – View original content:
Business Recorder
01-07-2025
- Business
- Business Recorder
ABAD undertakes significant constitutional reform
KARACHI: Association of Builders and Developers (ABAD) has undertaken its most significant constitutional reform in over five decades, approving sweeping amendments to modernize its governance framework and comply with evolving regulatory requirements. According to the details, ABAD has formally adopted the amendments to its Memorandum and Articles of Association during a Special General Meeting at ABAD House. The comprehensive reforms mark the first substantial revision to ABAD's founding documents since the organization's establishment in 1972, addressing structural changes necessitated by Pakistan's transformed legal and regulatory environment. The constitutional overhaul comes in response to recent directives from the Directorate General of Trade Organizations (DGTO), which has mandated all established trade associations to align their governing documents with contemporary standards. The approved amendments introduce several pivotal organizational modifications. Most notably, the posts of Regional Chairman and Vice Chairman have been eliminated from ABAD's official structure, responding to DGTO objections outlined in Article 1 of the existing constitution. Under the revised governance model, sub-committees will now operate under Executive Committee oversight through amended Article 9(iii)(6), with membership expanded from two to five positions to enhance operational capacity. Regional membership processing has been restructured while maintaining established channels. New applications will continue flowing through Regional Committees, but these bodies will now function as Executive Committee appointees under the modified Article 9(v)(6). Additional revisions affect Articles 8(b)(ii) and 16(2), along with Clause 14 governing membership transfer procedures, streamlining administrative processes across the organization. 'Our existing Articles had remained static for 53 years, despite fundamental shifts in Pakistan's legal framework,' Chairman Bakhshi said. 'These amendments position ABAD to operate more effectively within today's regulatory environment,' he added. The meeting drew significant participation including Senior Vice Chairman Syed Afzal Hameed, Vice Chairman Tariq Aziz Memon, Southern Region Chairman Ahmad Owais Thanvi, and Hyderabad Sub-Region Vice Chairman Abdullah Jan Memon. Former chairmen Altaf Tai and Anwar Gagai also attended the proceedings. Bakhshi termed the reforms as essential for strengthening ABAD's advocacy capabilities and government relations. 'These changes will enable more effective collaboration with government institutions and enhanced representation of construction sector interests,' he stated. The amendments received majority approval following extensive member deliberations, reflecting broad consensus on the need for organizational modernization. Copyright Business Recorder, 2025
Business News Wales
24-04-2025
- Business
- Business News Wales
How Can I Protect My Business When I Get Divorced?
Your business, its assets, and the way it is run will come under close scrutiny from the family court when you divorce. The court will ask that your business and business interests be valued as part of the financial disclosure, and there is a very real danger that your estranged spouse might think the value of your business is far greater than it is when the family's assets are being divided. The court will ask how much the business is worth, what income it can produce, and whether it should be producing more. You will need to disclose the last two years' accounts and the projected income. How these accounts are prepared can have a huge influence on the outcome. Judges can look at the money in the business and whether that should be used to settle wider divorce claims; however, that money may be the funds you have set aside for expansion plans or investment in new technology. To this end, it is essential that your needs, and the needs of your business, are treated in a fair way and seeking the advice of a law firm that fully understands both family law, as well as regularly dealing in corporate law, is vital. While divorce often involves the sharing of assets such as the family home, savings and pensions, for couples where one spouse has significant business interests, the divorce process becomes more complex. If you've built up a business from scratch, you don't want to see it close just because of your divorce. Every divorcing business owner or person should look at the options available for business protection and continuity, and getting expert help as early as possible can also prevent legal problems later on. What is the likely outcome? Most courts often leave the business with the business owner and give the other spouse a larger share of other assets, or maintenance, instead. This may be a favourable outcome for the business owner, but not always. There could also be a division of shares or income from the business and in rare cases, courts can also order that a business be sold. What should I do to protect my business? Make the court understand your vision for the business by giving them enough detail – don't just give it the basics. A court may not want to disrupt your plans for the business because of a divorce and will want to know why you've structured it in the way you have. Tell the judge your goals. Also, answer these questions… Who set up the business, and when was it established? If it was set up before the marriage by you or your family, you could argue its value as a matrimonial asset. If your spouse has contributed to it, though, acknowledge it accurately. This combats them exaggerating or over-stating their part in your success. Is someone else involved in it? If so, there will be a different interpretation by the courts if taking money out of the business could damage someone else's livelihood. The sale of shares can also be limited by the Memorandum and Articles of Association or a Shareholder Agreement. Does your business have a lot of capital or is it income-rich? This will determine the court's approach. It will look at whether there are capital assets that can be sold without damaging the business or if they can be borrowed against. Some businesses are merely income streams, and the court can deal with this situation by a maintenance order. Are you developing something now to sell later? The court might track how that aspect of the business develops and look at your spouse sharing in some of the later profits. What are your business's strengths and weaknesses? Explain the conditions in the market but don't exaggerate problems. The court needs to see your description as credible. Do you have a company or business pension? If you do, what is its value? Will you sell the business when you retire or pass it to your children? This could strongly affect the way the court looks at the case. These are just a handful of areas to consider, but one thing is sure, you need a law firm that understands both divorce and family law as well as corporate law. At Peter Lynn and Partners, we not only offer both areas of law, but we have an excellent track record when representing business people to protect their family assets as well as their business assets during a divorce. For expert advice and to arrange an initial confidential meeting, call 01792 450010 or email info@ and visit for more information.
Zawya
25-03-2025
- Business
- Zawya
Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value. The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom. The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives. The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY. The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year. During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence. Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period. The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees. Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines. Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals. Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.' The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
