Al Shaheer overutilizes Rs749.85m allocated right issue funds

MG News | March 18, 2024 at 12:02 PM GMT+05:00

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March 18, 2024 (MLN): Al Shaheer Corporation Limited (PSX: ASC) has overutilized the right subscription allocated amount of Rs749.847 million by Rs1.038m, the company’s quarterly progress report issued to the bourse showed today.

Going by the report, funds utilized for further food processing unit (FFP), primary processing unit (PP), machinery for the Lahore plant, and local fresh meat business stood at Rs280m, Rs320m, Rs60m, and Rs60m, respectively.

Moreover, the company was allocated Rs29.847m for the issue costs, which the company overutilized, taking the total amount of utilized funds to Rs30.885m during the review period.

It is crucial to note that ASC is engaged in trading different kinds of halal meat including goat, cow, chicken, and fish, both for the export market and local sales through a chain of retail stores.

At the time of writing this, the company's scrip is being traded for Rs9.38, up by 9 paisa or 0.97% compared to its previous close.

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