Modaraba Al-Mali 14.34% right issue subscribed to 11.54%

MG News | July 10, 2023 at 01:42 PM GMT+05:00

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July 10, 2023 (MLN): Modaraba Al-Mali (PSX: MODAM) has informed that the 14.34% right issue of the company amounting to Rs113.929 million has been subscribed to the extent of 11.54% as of the last date of payment and acceptance of Modaraba Certificates, July 05, 2023, the company’s latest filing on PSX revealed.

Of the total issue size of Rs113.929m (100%), the Unsubscribed Portion amount to Rs100.779m (88.46%), while the remaining portion of Rs13.15m (11.54%) belongs to Certificate Subscribed, as per the details received from bankers to the Issue.

Faysal Bank Limited (PSX: FABL), JS Bank Limited (PSX: JSBL), and CDS Account are the bankers to the issue.

The notice further states that in pursuant to section 83(1)(a)(iv) of the Companies Act, 2017, out of the unsubscribed certificates (88.46%), 5.077m shares are offered and allotted to LSE Capital Limited against Rs50.779m cash and 5m shares to Digital Custodian Company Limited against Rs50m cash.

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