Karachi April 19 2023: The Board of Directors of Agha Steel Industries Limited are informed that in order to further strengthen and capitalize the Company, the existing sponsors and certain strategic shareholders have offered to subscribe to equity, in the form of preference shares potentially to be issued by the Company, in an amount of up to PKR 1,000,000,000/-("Preference Shares") pursuant to the Companies Act, 2017 ("Companies Act") and the relevant provisions of the Companies (Further Issue of Shares) Regulations, 2020 ("Regulations") i.e. other than by way of right offering.
In May 2020, Agha steel raised an amount of PKR 3,840,000,000 thourgh Issuance of 120,000,000 Ordinary Shares i.e. 20.83% of the total post-IPO paid up capital of the company of face value of PKR 10/- each.
The Preference Shares are proposed to be (i) Un-listed; (ii) callable after 3 years on a cumulative basis; (iii) Non-voting; (iv) Non- convertible; (v) Preferential Dividend calculated @ 6 month KIBOR (0.5% to 1%) per annum, in priority to ordinary shareholders; and (vi) Preference over ordinary shares in the event of liquidation or winding up of the Company.
The proposed issue of Preference Shares shall be subject to the approval of the shareholders and Securities and Exchange Commission of Pakistan.
Agha Steel Industries Limited was incorporated on 19th November 2013 as a private limited company. The Company was converted into a public limited company on 7th April 2015. The company is principally engaged in manufacturing and sale of steel bars, wire rods and billets.
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