Karachi: This is with reference to our earlier letter dated September 26, 2011 for postponement of book closure announced by the company due to pendency of approval from SECP.
We are now pleased to inform you that SECP has accorded approval for issuance of Preference Shares under Rule 5 of the Company’s Share Capital (Variation in Rights and Privileges) Rules 2000 read with section 90 the Companies Ordinance, 1984 vide their letter no. EMD/233/752/2010-484 dated October 28, 2011. Copy of the same is annexed for your perusal and information.
It is further informed that Board of Directors of the company in their meeting duly held on November 15, 2011 has decided to re-announce closure of the share transfer books of the company from December 6, 2011 to December 12, 2011 to calculate the entitlement for offer of 40.60% Preference Right Share at a per share price of Rs. 10.
Application for Issuance of Preference Shares Rule 5 of the Companies Shares Capital (Variation in Right and Privileges) Rules 2000 Read with Section 90 of the Companies Ordinance, 1984
Please refer to your application dated October 27, 2011.
In this context, I am directed to inform you that the Commission has , on the basis of facts submitted through your aforesaid application, allowed the Company to issue cumulative redeemable preference share of Rs. 10 each, as right share under Sub-Section (1) of Section 86 and Section 90 of the Companies Ordinance, 1984.
This approval is however, subject to the condition that the Company shall ensure that any unsubscribed shares will be disposed of by the directors in accordance with the provisions of the Companies Ordinance, 1984.
For more information, contact:
Ali Azeem Ikram
Head of Enforcement Department
Ismali Aiwan-e-Science Building,
Main Ferozpur Road, Lahore, Pakistan.
Tel: (92) (42) 111-786-645
Fax: (92) (42) 35751841