Karachi November 10, 2021: Service Fabrics Limited has notified Pakistan Stock Exchange in a material notice in today second half of trading session that to step forward the implementation of revival business plan of the Company (Service Fabrics Limited/SERF), the Company has invested Rs. 400 million for purchase of 10 million ordinary shares of Ghani Chemical Industries Limited (GCIL/ the largest manufacturer of medical and industrial gases in Pakistan) which has been allotted to SERF on 03-11-2021 (credited in CDC) against unsubscribed portion of right shares of GCIL.
Further, SERF has received 12.2 million shares of GCIL, credited in CDC on November 09, 2021 against 120% bonus issue announced by the Board of Directors of GCIL on October 28, 2021.
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It is worth mentioning to not that on 10th November 2021 Pakistan Stock Exchange has notified to all concerned that as a consequence of defaults of Clauses 5.11.1. (b) & (i) of the PSX Regulations i.e suspended commercial production/business operations in its principle line of business for a continuous period of one year and adverse opinion of the statutory auditor in the audit report for the year ended June 30, 2021, M/s. Service Fabrics Limited (“SERF”) will be placed in the Defaulters’ Segment with effect from Wednesday, November 10, 2021.
SERF has recently issued 234,116,328 ordinary shares at par value (ie at Rs10 each) by the issue of right shares to be offered to the members in proportion of approximately 1,486 right shares for every 100 ordinary shares held.
“These funds will be used for investment in the setting up of two manufacturing plants: one for supercapacitor green energy storage devices and the other for a calcium carbide chemical plant,” Aftab Ahmed Chaudhry, a capital market veteran, who had helped Ghani Global Group acquire Service Fabrics and is now leading the company’s revival and restructuring.” Both of these industrial ventures would be the first of their kind in the country and result in diversification of industrial base in Pakistan.”
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PSX Placed SERF in Defaulters Segment over Suspension of operations clause
The company, being renamed as G3 Technologies, had recently been given a fresh lease of life by the Lahore High Court by tossing up the winding-up proceedings initiated by the corporate watchdog during 2016. The court gave approval of the revival plan after its shareholders came up with an innovative business plan to restructure the bankrupt firm.
Mr Chaudhry, who largely works for the restructuring of the troubled listed companies so that the shareholders can extract maximum benefit from the value-creation opportunities in the process, says there are about 122 companies or about 20 per cent of the total listed universe on the defaulter counter of the country’s stock exchange, which needs revival of various kinds.
According to the market plan, Mr Chaudhry said, the leftover right shares will also be funded by the Ghani Group. “The start of production of the supercapacitors in Pakistan will be a welcome respite for the domestic electricity consumers whose lives and businesses have been badly affected by frequent power outages and increasing energy prices in the country. Supercapacitors are hybrids of batteries and standard capacitors having higher energy density and longer life span as they can go through one million charge cycles as compared to standard lead-acid batteries that withstand only about 1,000 charge cycles,” he said.
The indiginisation of supercapacitors would enable their usage for the backup energy storage purposes in critical industries such as aviation, defence, medical and cellular entities, grid stations, manufacturing plants, mobile tower stations etc, besides the household consumers.
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