October 27, 2020 (MLN): The Board of Directors of Ghani Global Holdings Limited, in its meeting held on October 27, 2020, has decided to increase the paid-up share capital of the Company from Rs.1,533,058,240 to Rs.2,544,876,678 by the issue of 66% right shares at Rs 10 per share i.e. at par value.
The Company shall issue 101,181,844 ordinary shares at par, aggregating Rs 1,011,818,440.
The ordinary shares will be offered to the shareholders of the company in proportion to the number of shares held by each shareholder (i.e. as right shares) at a price of Rs. 10 per share (i.e at par value), in the ratio of 66 right ordinary shares for every 100 existing ordinary shares of Rs. 10 each held (i.e. 66%).
These right shares when issued shall rank pari passu in all respects with the existing ordinary shares of the Company (“Right Issue”).
According to the notice issued to PSX, the share transfer books of the Company will be closed from Tuesday, November 24, 2020, to Monday, November 30, 2020 (both days inclusive) to determine the entitlement of the Right Shares.
Meanwhile, it is pertinent to mention that the main purpose of the Right issue includes:
Equity Investment up to Rs 700 million in its subsidiary Company i.e. Ghani Global Glass Limited (GGGL). However, if Right Issue made by GGGL that requires more than Rs.700 million of investment, the excess amount will be declined by the Company and it gives its consent to GGGL to arrange a subscription for the same through other persons including directors, substantial shareholder(s) of the Company as per Regulation.
Equity Investment up to Rs 250 million in its subsidiary Company i.e. Ghani Global Glass Limited for purchase of ordinary shares through open market or purchases of letters of right for subsequent subscription thereof, in the Ready Market of Pakistan Stock Exchange.
