Engro Polymer may issue Preference Shares worth Rs 3 billion to expand its PVC capacity

News Image

By MG News | January 14, 2020 at 10:48 AM GMT+05:00

0:00

January 14, 2020 (MLN): The Board of Directors of Engro Polymer and Chemicals, in its meeting held on January 13, 2020, has resolved that the company may issue Preference Shares to individuals, companies, body corporates, commercial banks, DFIs, financial institutions, mutual funds, provident / pension / gratuity funds / trusts, etc.

According to a notification issued by the company in this regard, the shares will be issued by way of pre-IPO placements and public offering, at a price of Rs. 10 each, aggregating up to Rs. 3 billion.

The proceeds of the Preference Shares shall be primarily utilized to expand the Company’s Poly-Vinyl-Chloride capacity and debottlenecking of Vinyl Chloride Monomer production capacity without increasing leverage, with the intention of obtaining tax credits under the applicable laws.

The Preference Shares intended to be issued shall have the following rights, privileges, terms, and conditions;

  1. Listed
  2. Perpetual (subject to conversion option and call-option)
  3. Cumulative
  4. Call-option – Exercisable by the investor after the expiry of twelve months from the issue date in full or part
  5. Conversion option – Exercisable by the investor after the expiry of eighty months from the issue date based on a 1:1 ratio
  6. Non-voting
  7. Preferential dividend calculated at the rate of 6-month KIBOR + 3.5% per annum, on a cumulative basis and payment of the same shall be at the discretion of the Board of Directors and shall be in priority to ordinary shareholders
  8. Preference over ordinary shares in the event of liquidation / winding up of the company

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg