Pakistan International Bulk Terminal to issue 300,096,872 shares of Rs. 10 each
MG News | May 29, 2018 at 10:18 AM GMT+05:00
The Board of Directors at the Pakistan International Bulk Terminal (PIBTL) in their meeting held on 28th May, 2018 has “decided to increase the paid up share capital of the company from PKR 14,859,959,000 (divided into 1,485,995,900 ordinary shares of PKR 10 each) to PKR 17,860,927,720 (divided into 1,786,092,772 ordinary shares of PKR 10 each) by issue of 300,096,872 new ordinary shares to be offered as right shares at the Par value of Rs. 10 per share.”
The management seeks to utilize the proceeds from the issue “for the purposes of working capital requirements of the company and supplier payments.” The company also expected the right issue to “strengthen the equity base of the company which will be helpful for future business opportunities and growth.”
The financial plan of the company foresees the issuance of further capital of 300,096,872 ordinary shares to existing shareholders. “The amount of PKR 3,000,968,720 to be raised from the right issue will be utilized for working capital requirements.”
Financial Projection of the company post the Right Issue:
| PKR Million | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales | 3,886 | 5,393 | 9,438 | 11,959 | 13,246 |
| Profit after Tax | (3,140) | (1,982) | (406) | 681 | 1,444 |
| EPS – PKR | (1.84) | (1.11) | (0.23) | 0.38 | 0.81 |
| Revised Capital | 17,861 | 17,861 | 17,861 | 17,861 | 17,861 |
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