MODAM may invest in YOUW’s right issue up to 10%

By MG News | February 14, 2022 at 02:37 PM GMT+05:00

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February 14, 2022 (MLN): Under the arrangement with Yousaf Weavings Mills Limited (YOUW) for its revival, Modaraba Al Mali (MODAM) & its associates may invest in the YOUW’s right issue up to 10% i.e., up to 10,000,000 shares (out of unsubscribed portion), the company’s filing on bourse said today.

MODAM & its associates shall have a priority right of subscription before the offering of the unsubscribed rights to anyone else, the notice said.

Modaraba Al Mali is a specialized Islamic vehicle focusing on Islamic Venture Capital/Private Equity and Restructuring/Rehabilitation of companies having potential for revival.

To recall, MODAM is also targeting to complete the revival of Oilboy Energy Limited (formerly Drekkar Kingsway Limited) by the end of April 30, 2022, under the “Revival Business Plan” wherein the financial impact of this transaction will be around Rs100 million.

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