Karachi November 28 2022: Al Shaheer Corporation Limited (ASC) announced right issue of 25 percent to raise PKR 775 million for investment in poultry and food processing unit, according to company filing to the exchange.
Company share price drop 80 paisa or 6.61 percent in today's trading at Pakistan Stock Exchange.
Al-Shaheer Board of Directors in their meeting held today on November 28 2022 have decided to increase the paid up share capital of the company by the issuance of further 74, 984,707 ordinary shares, having face value of PKR 10/-, as Right Shares, to be offered to the members in proportion of 25 Right Shares for every 100 ordinary shares.
The Right shares will be issued at PKR 10 per share to raise PKR 749,847,070.
The purpose of the Right Shares is to raise funds to enable the company to invest further in the poultry Plant and Food Processing Facility at Lahore for CAPEX as well as the working capital requirements of the company’s operations and activities to enhance the profitability of the company and consequentially, the returns of the shareholders.
About the Company
Al Shaheer Corporation Limited was incorporated on June 30, 2012 under the repealed Companies Ordinance, 1984. The Company is engaged in trading of different kinds of halal meat including goat, cow, chicken and fish, both for export market and local sales through chain of retail stores.