Karachi May 29 2024: The Board of Directors of Dewan Farooque Motors Limited will consider to increase the authorized capital to PKR 3 billion in its upcoming board meeting.
The board meeting be held on Friday, May 31, 2024 at 04:00 p.m. at Karachi, Pakistan; to consider and approve to increase in Authorized Capital of the Company from PKR 1,500,000,000/- divided into 150,000,000 ordinary shares of PKR 10/- each to PKR 3,000,000,000/divided into 300,000,000 ordinary shares of PKR 10/- each.
The Company has declared the “Closed Period” from May 29, 2024 to May 31 , 2024 as required under Clause 5.6.1 (d) bf the PSX Regulations. Accordingly, no Director, CEO or Executive shall, directly / indirectly, deal in the shares of the Company in any manner during the Closed Period.
As of March 31, 2024, the company’s equity stands at a negative PKR 3.4 billion, driven by accumulated losses totaling PKR 4.9 billion. Moreover, the company faces PKR 6.5 billion in debt obligations due within the next year.
Dewan Farooque Motors Limited was incorporated in Pakistan on December 28, 1998 as a public limited company. The principal activity of the Company is assembling, progressive manufacturing and sale of vehicles in Pakistan.
