August 27, 2020 (MLN): The Board of Directors of Dawood Lawrencepur Limited (DLL) in its meeting, held on August 26, 2020, considered and approved the issuance of Employees Stock Options contemplated by its wholly-owned subsidiary, Reon Energy Limited (REL).

In a notification issued to PSX, DLL said that the current Paid up share capital of REL is Rs 1.026 billion divided into 102.60 million ordinary shares of Rs 10 each. The maximum number of Options to be issued shall be 18.15 million ordinary shares of REL from time to time during 2022-2026. This will increase the paid-up share capital of REL and the percentage of shareholding of the DLL may reduce to around 85% depending on the issuance of shares during 2022-2026.

Accordingly, the post-issuance of shares under Employees Stock Options, as perceived above, REL will not remain a wholly-owned subsidiary of the DLL.

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