SECP allows Nadeem Textile Mills to issue 2.3 million ordinary shares by way of other than right offer

November 6, 2020 (MLN): The Securities and Exchange Commission of Pakistan has permitted Nadeem Textile Mills Limited to issue 2.3 million ordinary shares at an offer price of Rs 52 per share including a premium of Rs 42 per share, by way of other than a right offer to the Director and Chairperson, Mrs. Naila Zahid against her outstanding loan to the extent of Rs 119.6 million.

As per the notice issued to PSX, the aforesaid approval is, however, subject to some of the following conditions:

• The said shares shall be issued in the book-entry form within 60 days from the date of notification
• The company shall intimate issuance of the shares to the Commission within 7 days of the issue
• Save as provided in the undertaking dated October 15, 2020, Mrs. Naila Zahid shall not divest its shareholding in the company for a period of three years from the date of issue of shares
• The aforesaid approval is being given based on the documents provided to SECP and hence Commission bears no responsibility whatsoever for the express or implied, an agreement between Mrs. Naila Zahid and the Company.

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