Mughal Energy to issue Sukuk worth Rs2.5bn with conversion option

By MG News | November 25, 2024 at 03:31 PM GMT+05:00

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November 25, 2024 (MLN): The Board of Directors of Mughal Energy Limited (PSX; GEMMEL) has approved certain amendments to the terms/structure of the Sukuk Issue of Rs2.5 billion.

The Sukuk shall now be issued to the existing shareholders of the Company, by way of right, along with a conversion option, to convert the Sukuk into the ordinary shares of the company.

The requisite approval of the members for further issue of share capital in relation to the conversion of convertible debt securities to share capital as required under the Issuance of Convertible Debt Securities through Right Offer Regulations, 2022 will be taken in due course of time, as stated by the company.

Accordingly, the management has called for an Extraordinary General Meeting to be held on January 1, 2025.

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