February 2, 2022 (MLN): The Security Exchange Commission of Pakistan (SECP) has approved the issuance of 99.96 million ordinary shares of Beco Steel Limited, having a par value of Rs10/- each, at a premium of Rs20 per share, in aggregate amounting to the equivalent of Rs2.9 billion against consideration of non-cash assets, the company filing on PSX showed on Wednesday.
The non-cash assets include land, building, and plant & machinery.
This is subject to the fulfilment of the conditions prescribed by the SECP, transfer of the non-cash assets to the company by the subscribers/allottees of such shares, and carrying out other formalities/steps in accordance with applicable laws.
The aforementioned approval is pursuant to the special resolutions passed by the shareholders of Beco Steel Limited at the extraordinary general meeting held on May 11, 2021, and the approvals thereby granted, for, inter alia, the issuance of shares of the company other than by way of right offer.
