PAKOXY plans to boost capital with 13.88m new shares

MG News | September 04, 2023 at 09:25 AM GMT+05:00

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September 04, 2023 (MLN): The Board of Directors (BoD) of Pakistan Oxygen Limited (PSX: PAKOXY) on Friday decided to increase the paid-up share capital of the company by issuing a further 13.88 million ordinary shares, the company's filing on PSX revealed today.

These shares are to be offered to the members of the company in the proportion of approximately 18.96 Right Shares for every 100 ordinary shares held i.e. approximately 18.96%, at a price of Rs54/- per Right Share inclusive of a premium of Rs44 per Right Share.

The purpose of the Right Issue is to meet increased working capital requirements of the company and maintenance of plant and machinery in order to enhance the profitability of the company and, consequently, returns to the shareholders.

The company is principally engaged in the manufacturing of industrial and medical gases, welding electrodes and marketing of medical equipment.

At the time of writing, the scrip of the company is being traded at Rs72.30, down by Rs3.09 compared to previous close.

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