Karachi May 24 2024: The Pakistan Stock Exchange Limited (PSX) has approved the listing of Mughal Energy Limited on the Growth Enterprise Market (GEM) Board, according to a filing to the exchange.
Previously, Mughal Energy Limited submitted an application for listing on the GEM Board of the Pakistan Stock Exchange Limited, proposing an initial offer of 19,411,000 ordinary shares, which represent 10% of its post paid-up capital, to accredited investors.
Additionally, Mughal Iron & Steel Industries Limited has declined the right offer for 19,411,000 ordinary shares. These right shares will now be offered to accredited investors through the GEM Board (as an initial offering) and/or to the underwriter(s) in accordance with the Companies Act, 2017. As a result, Mughal Iron & Steel Industries Limited will retain 90% of the ordinary shares, 100% of the Class-B shares, and 91.04% of the total share capital of Mughal Energy Limited.
