May 21, 2020 (MLN): SECP has allowed Pakistan Refinery Limited (PRL) to go ahead with the right issue of Rs 3.15 billion divided into 315 million shares of Rs.10 each to be issued at face value, without underwriting.

Pakistan State Oil (PSO), the sponsoring shareholder of PRL, will subscribe to such a portion of the 40% of the right issue which remains unsubscribed, based on the undertaking dated May 11, 2020, provided by PSO.

The notification to exchange revealed that the approval is, however, subject to the condition that within 30 days of the closing of the subscription payment date, the PRL shall submit evidence, in writing, that PSO has fully subscribed, the unsubscribed shares if any.

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