Lotte Chemical Pakistan Limited (PSX: LOTCHEM) is set to adopt a new name, Noventra Limited, after shareholders approved the change at the company’s Extraordinary General Meeting held on September 22.

The name change still requires approval from the relevant authorities under the Companies Act, 2017 and other applicable laws.

Once the approvals are secured, the company will replace “Lotte Chemical Pakistan Limited” with “Noventra Limited” in its Memorandum and Articles of Association.

Shareholders also approved a major increase in the company’s authorized share capital from Rs. 20 billion to Rs. 40 billion.

The increase will take the authorized capital from 2 billion ordinary shares of Rs. 10 each to 4 billion ordinary shares of the same face value.

The company has authorized its Chief Executive Officer, Chief Financial Officer and Company Secretary to complete the required legal and regulatory formalities.

These include filing the amended corporate documents with the Securities and Exchange Commission of Pakistan (SECP) and other relevant authorities.

The company will officially operate under the new name once all required approvals and formalities have been completed.