Air Link Communication increases authorized share capital to Rs6bn

November 4, 2021 (MLN): The Board members of Air Link Communication Limited, in their Annual General meeting have resolved to increase authorized share capital from Rs4bn to Rs6bn.

As per the notification issued to Exchange, the company said that the authorized share capital be and is hereby increased from Rs4,000,000,000 divided into 400,000,000 shares of Rs10 each to Rs6,000,000,000 divided into 600,000,000 shares of Rs10 each ranking pari passu in every respect with the existing ordinary shares of the Company.

In consequence of the said increase in the Authorized Share Capital of the Company, the existing Clause V of the Memorandum of Association the Company and Article 5 of the Articles of Association of the Company be and hereby replaced accordingly, to as follows:

“The Authorized Capital of the Company is Rs. 6,000,000,000/- (Rupees Six billion only) divided into 600,000,000 (Six Hundred Million only) ordinary shares of Rs. 10/- (Rupees Ten only) each with powers to the Company from time to time to increase and reduce its Capital for the time being into several classes in accordance with the provisions of the Act”.

In addition, the board members also resolved that a sum of Rs275,769,230 out of the profit for the year ended June 30, 2021 be capitalized and applied in making payment in full of 27,576,923 ordinary shares of Rs10 each and that the said shares be allotted as fully paid up bonus shares to those members of the Company whose names appear in the register of members on October 28, 2021 @ 7.5% i.e. in the proportion of 7.5 shares for every 100 existing shares held by the members and that such new shares shall rank pari passu in all respects with the existing ordinary shares of the Company.

However, they will not qualify for the final cash dividend declared for the year ended June 30, 2021.

Moreover, fractional entitlements of the members shall be consolidated into whole shares and the Directors of the Company have been authorized to arrange sale of the shares constituted thereby in such manner as they may think fit and to donate the proceeds of the sale to a charitable institution as permissible under the law.

For the purpose of giving effect to the above, the Board authorized Chief Executive and the Company Secretary to take all necessary steps in the matter and to settle any question or difficulties that may arise in regard to the distribution of the said new shares as they think fit.

Copyright Mettis Link News