April 17, 2023 (MLN): The shareholders of Ghani Chemical Industries Limited (PSX: GCIL) on Monday resolved to approve the conversion and merger of 22 million Class B ordinary shares into ordinary shares, the company's filing on PSX showed today.
This move will result in an increase in the company's paid-up share capital from 478.18 million shares to 500.18mn shares.
The Class B ordinary shares, which were non-cumulative, non-participation, non-voting, and convertible, will be merged into Ordinary Shares in a ratio of 1:1, meaning one Ordinary Share will be issued against one Class B ordinary share.
It is important to note that after the conversion of Class B ordinary shares with and into ordinary shares of the company, the paid-up capital on account of Class B ordinary shares shall be deleted in the books of accounts/financial statements of the company and Class B ordinary shares of GCIL shall be de-listed from the PSX and also deleted from the list of eligible security in Central Depository System (CDS).
