Loads Ltd to issue right shares for meeting its working capital requirement
MG News | February 28, 2020 at 01:38 PM GMT+05:00
February 28, 2020 (MLN): The Board of Directors of Loads Limited, in its meeting held on February 28, 2020, has resolved to carry out a right issue of ordinary shares at par value, in the near future.
In a notification sent out to PSX on Friday, the company stated that the aggregate amount of the potential right issue would be up to Rs. 750,000,000, which shall primarily be utilized to meet its working capital requirements and repayment of loans.
The purpose of the same is to enable shareholders, particularly associated concerns of the company to obtain corporate approvals, including shareholders’’ approval, to invest in the potential right issue of the company and provide confirmations to the Company.
In addition to the announcement made above, the Board also discussed and presented the financial results for the six months ended December 31, 2019, wherein the company incurred losses of Rs. 23.2 million (LPS: Rs. 0.15), as opposed to the profits of Rs. 43.1 million earned in the same period of last year.
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