Rights trading period for HinoPak’s right issue of 12.4 million shares starts on Oct 22

October 13, 2020 (MLN): Shareholders of HinoPak Motors Limited (HINO), will have the option of trading the rights that are given to them as part of the company’s right issue of 12,400,560 ordinary shares through the Pakistan Stock Exchange between 22nd October and 13th November 2020.

These shares are being offered to the members at a face value of PKR 10/- each, as Right Shares, at a price of PKR 233.50 per Right Share inclusive of a premium of PKR 223.50 per Right Share. This represents a significant discount to the last six months' average share price of the Company.

The quantum of the Right Issue is 100% of the existing paid-up capital of the Company i.e. 100 right shares for every 100 ordinary shares held by the shareholders of the Company.

According to the notification issued to PSX, the Right Offer (at the subscription price of Rs. 233.50/- per share) must be accepted and paid for in full to the extent of such subscription on or before 20th November 2020.

The payment of unpaid Right Letter will be made by cash or crossed cheque or demand draft or pay order made out to the credit of “Hinopak Motors Limited — Right Shares Subscription Account” through all branches of Habib Metropolitan Bank Limited as per the tentative schedule submitted to shareholders.

Under the CDC Applicable Right Shares procedures, the physical shareholders can renounce his/her Letter of Right (LOR) by depositing into his/her own CDS IAS Account/Sub-Account to a shareholder who is the IAS account holder or sub-account holder with CDC.

Further, physical shareholders can renounce his/her Letter of Rights and Renouncee(s) can also get a credit for the right shares in book-entry form in his/her own CDS investor or sub-account by providing his/her own CDS investor or sub-account details.

Shareholders holding shares of the Company in physical form can also get a credit for the right shares in his/her own CDS investor/sub-account by providing his/her own CDS investor or sub-account details.

It is pertinent to mention that these right offers shall be deemed to have been declined by shareholders or will be treated as canceled lest no right offer is taken up by the CDS account holder on or before 20th November 2020. In that event, these will be offered to and taken up by as decided by the Board of Directors of the Company as per Section 83 of the Companies Act, 2017.

The company requests shareholders to approve the letter of intimation, Letter of Rights to Physical Shareholders, Information as per Schedule I to Companies (Further Issue of Shares) Regulations, 2020 and the tentative schedule of Right issue and Right Subscription Request which were provided earlier.

Posted on: 2020-10-13T13:17:00+05:00

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