Lahore September 6 2021: Board of Directors have decided to increase the paid-up share capital of the Company by issue of a further 780,794,596 (Seven Hundred Eighty Million Seven Hundred Ninety-Four Thousand Five Hundred Ninety-Six) ordinary shares, having face value of PKR 10/- (Pak Rupees Ten) each, as Right Shares, to be offered to the members in proportion of 97.19916 Right Shares for every 100 ordinary shares held i.e. 97.19916% at a price of PKR 10/- (Pak Rupees Ten) per Right Share.
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Right Issue will be utilized to reduce debt levels, manage and optimize working capital in the most appropriate manner.
Reduction in debt level will mitigate the adverse impact on profitability on account of financial charges. Optimized working capital will ensure smooth operations of the Company. The Company will maintain a healthy debt to equity ratio. The Right Issue of the Company is being made at a price which is less than current share price in the market and hence there is no major investment risk associated with the Right Issue. Normal risks associated with the business will remain.
