MARI shareholders approve capitalization of funds exceeding Rs10.67bn

By MG News | Category Equity | September 25, 2024 at 11:06 AM GMT+05:00

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September 25, 2024 (MLN): The shareholders of Mari Petroleum Company Limited (PSX: MARI) have approved the capitalization of a total of Rs10.59 billion from its Capital Redemption Reserve Fund and Rs82.2 million from its unappropriated profits.

This means the company will convert these funds into equity, allowing it to issue additional shares.

Accordingly, MARI will issue 1.067bn ordinary shares of Rs10 each as fully paid bonus shares to the members of the Company whose names will appear on the Register of Members at the close of business on September 18, 2024.

This will be in proportion to eight shares for every one share held (800%), and such shares shall rank pari passu in every respect with the existing ordinary shares of the company.

The members further resolved that the fractional entitlement of the Members shall be consolidated into whole shares and sold on the Pakistan Stock Exchange (PSX).

Moreover, the sale proceeds thereof shall be donated as deemed appropriate by the Board.

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