November 28, 2022 (MLN): The board of directors of Al Shaheer Corporation Limited (PSX: ASC) has decided to increase the paid-up capital of the company issuing 74.98 million shares s at the rate of Rs10 each as right shares, the company's filing on the bourse showed on Monday.
The quantum of the right issue is 25% of the existing paid-up capital of the Company L.e. 25 right shares for every 100 ordinary shares held by the shareholders of the company.
The purpose of the right issue is to raise funds to, inter alia, enable the company to invest further in the poultry plant and food processing facility at Lahore for CAPEX as well as the working capital requirements of the Company's operations and activities to, inter alia, enhance the profitability of the company, and consequentially, the returns of the shareholders.
The proceeds from the Right Issue will be primarily utilized for investing further in the existing business and poultry plant for the effective implementation of its business plan, as well as for fulfilling the working capital requirements of the company.
