January 16, 2020 (MLN): The Security Exchange Commission of Pakistan (SECP) has permitted Descon Oxychem Limited (DOL) to issue 48,888,866 ordinary shares of Rs 10 per share at a premium of Rs 5 per share to Descon Engineering Limited (DEL) by way of other than right under Companies Act 2017.
The aforesaid approval is, however subject to the following conditions:
The company shall ensure compliance with all the applicable laws particularly the relevant provisions of the Securities Act 2015 and the Listed Companies Regulations 2017.
The company shall inform the Commission within seven days of the issuance of shares to DEL
DEL shall not divest its shareholding in the Company for a period of three years from the date of issue.
The Company shall within seven days of the date of this letter provide an undertaking to the effect that:
Nothing in applicable laws, its memorandum and articles of association restrict it to issue the said shares;
Any change or material information effecting the subject issuance of shares shall be communicated to the commission immediately.
