GTECH: 58.7% of Rs2.34bn right subscription remain unutilized

April 13, 2022 (MLN): G3 Technologies Limited (PSX: GTECH) has Rs1.37 billion (58.7%) unutilized funds out of Rs2.34bn of right subscription amount for the quarter ended March 31, 2022 while Rs966 million (41.3%) has been utilized for Calcium Carbide Project, investment in GCIL and working capital requirements, the company’s quarterly progress report issued to PSX showed today.

For the Calcium Carbide Project, the company has utilized Rs397.49 million out of the right subscription amount of Rs1bn.

The project shall completely provide import substitution to Pakistan as the plant will help the company to indigenize the production of many by-products, besides enabling the company to tap the export market.

Meanwhile, the company has successfully utilized the right subscription amount of Rs400mn for equity investment in Ghani Chemical Industries Limited (GCIL), the largest manufacturer of medical and industrial gases in Pakistan in order to step forward the implementation of the revival business plan of the company.

On the other hand, the company did not utilize any amount on Supercapacitor Project out of Rs650mn while Rs168.56mn have been utilized for working capital requirements.

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