Fauji Foods Ltd. to merge FFL and FFL Non-Voting shares into a single class share
MG News | January 16, 2018 at 02:15 PM GMT+05:00
Fauji Foods Ltd. (FFL), formerly Noon Foods Ltd., announced that it plans to hold Company Board Meeting on 25th of January, 2018. The company informed the exchange that the meeting will be held to approve Financial Statements for the year 2017.
The company also announced that it seeks make a decision on the amalgamation of FFL Shares and FFL Non – Voting Shares into a single class.
The said bifurcation was done under the management of Noon Foods Ltd., currently Fauji Foods Ltd. Due to a shortage of cash, the company had decided to bifurcate the shares and charge a premium on the voting rights. Ever since Noon Foods was acquired by the Fauji Group, the need for two different classes has become unnecessary.
Fauji Foods Limited reported losses worth 2.1 billion during the first nine months of the year 2017, with an Earning per share of (14.66) Rupees.
The company notice can be accessed here.
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