Karachi November 10, 2021: In a material notice filed to the PSX Ghani Global Holdings has disclosed that Ghani Chemical industries Limited (GCIL/one of the subsidiary Companies and the largest manufacturer of medical and industrial gases in Pakistan) has issued 137,159,991 shares to Ghani Global Holdings Limited on November 09, 2021 against 120% bonus issue announced by the Board of Directors of GCIL on October 28, 2021.
At present, Ghani Global Holdings Limited holds 251,459,985 ordinary shares i.e. 69.90% of the total paid up capital of GCIL.
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In an earlier notice file to Pakistan Stock Exchange on October 04, 2021 Ghani Global Holdings has disclosed that Board of Directors of Ghani Chemical Industries Limited (GCIL/ one of the subsidiary Companies and the largest manufacturer of medical and industrial gases in Pakistan), held on October 2, 2021 has decided to make an Initial Public Offering (IPO) of Ghani Chemical Industries Limited, at the Strike Price to be determined through Book Building Process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX and ultimate listing of the subsidiary at PSX.
Ghani Chemical Industries Limited board also approved utilization of funds raised from the IPO for the setting-up of two state-of-the-art chemical plants for manufacturing of Citric Acid (import substitute) and Sulphuric Acid in Allama lqbal Industrial City, Faisalabad, with an approximate cost of PKR 8.5 Billion.
Company will add 60,000 MT/year capacity of Citric Acid and 70,000 MT/year capacity of Sulphuric Acid. Company has also shared that after the ensuing financial structuring & the IPO, GGL shall come to hold more than 50% equity in the listed GCIL with an expected valuation cap of GGL' holding in GCIL coming approximately to -PKR 13 Billion, based on GCIL's share price for the book-building process.
Before going for public offer Ghani Chemical Industries Limited board also approved issuance of 6.5135971% right shares to GGL.