Drekkar Kingsway Ltd to increase its paid-up share capital by issuing 15 mln ordinary shares

November 2, 2020 (MLN):  The Board of Directors of Drekkar Kingsway Limited in their meeting held on October 29, 2020 has decided to increase the paid-up share capital of the Company from PKR 100,000,000 (Pak Rupees One Hundred Million only) to PKR 250,000,000 (Pak Rupees Two Hundred and Fifty Million only)

The amount to increase paid-up share capital will be raised by the issuance of 15,000,000 (Fifteen Million) ordinary shares of the Company of PKR 10 (Pak Rupees Ten only) each, aggregating to PKR 150,000,000 (Pak Rupees One Hundred and Fifty Million only), to be offered to the shareholders of the Company in proportion to the number of shares held by each shareholder (i.e. as a right entitlement) in accordance with the provisions of Section 83 of the Companies Act 2017 and all applicable laws, at a price of PKR 10 (Pak Rupees Ten only) per share, against payment of value of shares to the Company up to the date as per Right Allotment Letters to be issued. These right shares will rank pan passu with the existing shares of the Company in all respect.

As per the company’s notice to PSX, the share transfer books of the Company will be closed from November 6, 2020 to November 12, 2020 (both days inclusive) to determine the entitlement of the Right Shares.

The quantum of the Right Issue is 150% of the existing paid up capital of the Company i.e. 150 right shares for every 100 ordinary shares held by the shareholders of the Company.

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