CNERGY to issue 163.56mn shares to Cnergylco Mu Incorporated

March 31, 2023 (MLN): The Board of Directors (BoD) of Cnergyico Pk Limited (CNERGY) on Friday approved the issuance and allotment of 163.56 million ordinary shares of Rs10/- each to Cnergylco Mu Incorporated, the company's filing on PSX revealed. 

The allotment of shares will materialize by way of other than the right offer for consideration other than cash.

This is pursuant to the special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 29, 2016, seeking approval of the 'Scheme of Arrangement, J. C. M. Petition was filed before the Hon'ble High Court of Sindh at Karachi.

The High Court, on January 19, 2017, approved the Scheme of Arrangement whereby, inter alia, subject to the completion of requisite formalities, allowed issuance of 163,562,865 ordinary shares at a par value of Rs. 10/- each to Cnergyico Mu Incorporated.

The Securities & Exchange Commission of Pakistan (SECP), on the application filed by the Company seeking issuance of above-referred shares, inter alia, required another special resolution passed by the shareholders of the company at the Annual General Meeting, which was held on October 19, 2022.

On March 09, 2023, SECP allowed the company to issue 163.56 ordinary shares to Cnergylco Mu Incorporated.

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