Javedan Corporation shareholders approve sale of Sapphire Bay Development Company

Javedan Corporation shareholders approved the disposal of the company’s entire stake in subsidiary Sapphire Bay Development Company at an annual meeting in Karachi on October 17, 2026, Profit by Pakistan Today reported. The company’s chief executive and a director can settle the buyer, price and other transaction terms, but no buyer, sale value or completion date was disclosed.

Shareholders also authorised Rs500 million in new financing for Arif Habib Development and Engineering Consultants and renewed investment and financing limits for associated entities. These include Rs5.90 billion in equity investment and Rs3 billion in financing for Sapphire Bay Islamic Development REIT. A final 60% cash dividend, equal to Rs6 per ordinary share, was approved for FY2026, alongside a 12% preference-share dividend; the ordinary-share payout totals approximately Rs2.29 billion.