September 25, 2018 (MLN): Ismail Industries Limited, on Tuesday, announced a range of investments, specifically conversion of loans to equity, acquisition of shares of Bank of Khyber, and equity investments into a subsidiary company of the firm.
According to an announcement on the Pakistan Stock Exchange, the Board of Directors of the company, in its meeting held on September 24, 2018, approved the following:
1- The Board has decided to convert the Sponsors' outstanding loan of Rs. 902,151,770/- (Rupees: Nine hundred two million one hundred fifty-one thousand seven hundred seventy only) into equity of the Company by way of further issue of 9,021,517 ordinary shares at Rs. 100/- each (including premium of Rs. 90/-) without offering shares to the existing shareholders under the first proviso to section 83(1) of the Companies Act, 2017, subject to approval of shareholders and Regulatory Authorities.
2- The Board has decided to make further long-term equity investment up toRs. 1,000,000,000/- (Rupees: One billion only) by way of an additional acquisition of shares of The Bank of Khyber, an associated undertaking und er section 199 of the Companies Act, 2017, subject to approval of shareholders and Regulatory Authorities.”
3- The Board has decided to make further long-term equity investment in its subsidiary company M/s. Hudson Pharma (Private) Limited up to Rs. 500,000,000/- (Rupees: Five hundred million only) to meet its operationa l expenses/working capital requirements under section 199 of the Companies Act, 2017, subject to approval of shareholders and Regulatory Authorities.
