March 12, 2021 (MLN): The Board of Directors of Jahangir Siddiqui & Co. Ltd, in its meeting held on March 11, 2021, has approved to offer 183,188,477 listed, convertible, redeemable, non-voting, non-participatory, cumulative Class “A” Preference Shares of Rs10/- each, of the aggregate subscription amount of PKR 1,831,884,770 to the existing Shareholders of the Company.
These Preference shares will be offered by way of rights at par value of Rs10/- per share, in proportion to their respective shareholdings in the ratio of 2:10 i.e. 2 Preference Shares for every 10 Ordinary Shares (i.e. 20% rights issue) held by the Shareholders in accordance with the provisions of Sections 58 and 83 of the Companies Act, 2017, and the Companies (Further Issue of Shares) Regulations. 2020.
These shares will carry a fixed dividend at 6% per annum.
The Paid-up capital of the company after the proposed issue of Preference Shares will be increased to Rs 10.99 billion from Rs 9.159 billion
The aforesaid approval is subject to the necessary approvals from the shareholders of the Company by way of special resolution and permission from the Securities & Exchange Commission of Pakistan.
