Lahore January 19 2022: Ghani Global Holdings Limited (GGL) has initiated process of listing Ghani Chemical Industries’ Limited listing on Pakistan Stock Exchange, which is expected to be completed by May 2022 as revealed by the management in its briefing held today.
Proceeds received from Initial Public Offering (IPO) will be utilized for setting-up of two state-of-the-art chemical plants for manufacturing of Citric Acid (import substitute) and Sulphuric Acid in Allama Iqbal Industry City, Faisalabad with an approximate cost of PKR 8.5 Billion.
Ghani Global Holdings Limited has 74.45 percent ownership in the share capital of Ghani Chemical Industries Limited.
Construction work for setup of an additional manufacturing plant of 275MTPD capacity for medical and industrials gases at Hattar Economic Zone, District Haripur, Khyber Pakhtunkhwa (KP) has been commenced. Major LCs have been opened and the project is on track, with project expected to be completed by June 2023.
This decision has been made to respond to the national cause of overcoming the growing shortage of Oxygen in hospitals, and especially as a result of the recent EOI published by the Khyber Pakhtunkhwa Economic Zones Development & Management Company.
The added capacity shall ensure consistent supply of Oxygen to the hospitals in KP and Northern regions of the country with the spirit of combating COVID-19 emergencies besides meeting the industrial requirements of CPEC projects.
The added capacity shall ensure not only consistent supply of fast growing demand of Oxygen to the hospitals in KP and Northern regions of the country but also meeting the increasing demand of gases for development projects by Government and for industrial requirements of CPEC projects.
Ghani Chemical had signed a Long Term Supply Agreement with Engro Polymer & Chemicals Limited (EPCL) on November 12, 2020 for the Supply of Oxygen and Nitrogen Gases for a period of 15 years. The company expects the Commencement of operations of this unit by March 2022 end or first week of April 2022. While company is already supplying nitrogen to Attock Refinery as a part of 5-year contract.
In addition to above this subsidiary has decided to increase its paid up capital by issuance of 10,000,000 ordinary shares at PKR 40 per share (including premium of PKR 30 per share) by way of 6.5135971 percent Right Issue. However the board of directors of your Company has decline the subscription of its portion of PKR 297.802 million
Related Posts
