Al Shaheer utilizes Rs691m right issue amount against Rs750m allocation

December 20, 2023 (MLN): Al Shaheer Corporation Limited (PSX: ASC) has utilized the right subscription amount of Rs690.89 million against the fund allocated worth Rs749.85m, 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), local fresh meat business, and issue cost stood at Rs280m, Rs320m, Rs60m, and Rs30.89m (overutilized by Rs1.038m) respectively.

Moreover, the company was allocated Rs60m for the machinery for the Lahore plant, however, no funds were utilized for this purpose.

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 stock of the company is being traded for Rs11.5, up by 37 paisa or 3.32% compared to its previous close.

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