Karachi February 16 2022: Trading of unpaid Rights on the Karachi Stock Exchange Limited will commence from Thursday 24th February 2022, according to notice issued by Pakistan Stock Exchange.
Last date trading in Right shares will be Thursday 17th March 2022 while last date for acceptance and payment of shares in CDC and physical form will be Friday 25th March 2022.
The Board or Directors of Flying Cement Company Limited, in their meeting held on January 18, 2022 have decided to increase the paid-up share capital of the Company by issue of a further 300,000,000 (Three Hundred Million) ordinary shares, having face value of PKR 10/- (Pak Rupees ten} each, as Right Shares, to be offered to the members of the Company in the proportion of approximately 75.9878 Right Shares for every 100 ordinary shares held i.e. approximately 75.9878 percent, at a price of PKR 10/- {Pak Rupees Ten) per Right Share (i.e at par).
The purpose of the Right issue is to raise funds to enable the Company to reduce current debt levels and favorably improve its capital structure, by reducing leverage in an increasing interest rate environment, and growing working capital requirements and achieve economies of make, pay for capital expenditure towards completion of the Line-2 plant of 7,700 TPD of clinker and, consequentially, improves the company profitability and financial ratios which is expected to maximize shareholder return.
