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Karachi Electric Supply Company Limited’s subscription to 7.25% right shares by the sponsors

Karachi: We refer to the Letter and are pleased to inform that the Sponsors / Holding Company of KESC, M/s. KES Power Limited, have fully subscribed to their portion (72.58%) of the subject right shares at the subscription price of Rs. 3.50 per share more than fifteen (15) days before the last date of payment / renunciation which is 16 December 2011 in compliance with the requirement of Karachi, Lahore and Islamabad Stock Exchanges.

The subscription details are listed below:

 

Number of Rights Shares Subscription price per share Subscription amount
1,120,374,000 3.50 3,921,309,000

 

Auditors Certificate and press notification are attached for reference purpose.

Advance against Right Issue from SCEP Power Limited

As requested, we confirm that we have verified from proceeds realization certificates and bank statements that PKR 3,921,309,000 has been received on account of KES Power Limited as Advance against right issue of shares which was approved in the Board of Directors meeting held on 29July 2011.

The transfer of funds was done in four tranches, the value dates of the transfer were dated 12 April 2011, 11 August 2011, 30 August 2011 and 13 October 2011. These transfers were reflected in the Company’s bank statement on 12 April 2011, Ii August 2011, 30 September 2011 and 13 October 2011 respectively.

Subscription of 7.25% Right Shares by the Sponsors.

We are pleased to inform that the Sponsors / Holding Company of KESC M/S. KES Power Limited, have fully subscribed to their portion (72.58%) of the 7.25% right shares of the Company at the subscription price of Rs. 3.50 per share and have remitted an amount of PKR 3,921,309,000 more than fifteen (15) days before the last date of payment / renunciation which is 16 December 2011, in compliance with the requirement of Karachi, Lahore and Islamabad Stock Exchanges.

For more information, contact:
Syed Moonis Abdullah Alvi
Company Secretary
Karachi Electric Supply Company Limited
3rd Floor, KESC House, 39-B Sunset Boulevard,
Phase-II, Defence Housing Authority, Karachi
Tel: 32647017
Fax: 32647155, 326470155 and 99205147
Email: www.moonis.alvi@kesc.com.pk

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