February 10, 2020 (MLN): The Board of Directors of Pakistan Refinery Limited, in their meeting held today, has approved the increase in the ordinary paid-up share capital of the Company by the issue of 315,000,000 ordinary shares at par.
The ordinary shares will be offered to the shareholders of the company in proportion to the number of shares held by each shareholder (i.e. as right shares) at face value of Rs. 10 per share, in the ratio of 1 right share for every 1 existing ordinary share of Rs. 10 each held (i.e. 100%), which shares shall rank pari passu in all respects with the existing ordinary shares of the Company (“Right Issue”).
It is pertinent to mention that he proceeds of the right Issue shall be utilized to undertake short and medium-term projects to revamp certain units improving yields of Motor Gasoline and HSD and to meet working capital requirements of the company.
In this respect the Share Transfer Books of the Company will be closed from March 5, 2020, till March 11, 2020 (both days inclusive) to determine the entitlements of the shareholders of the company with respect to the Rights Issue.
