SECP permits GGGL to issue shares to employees under ESOS

By MG News | June 22, 2021 at 03:09 PM GMT+05:00

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June 22, 2021 (MLN): Ghani Global Glass Limited, in an announcement to Pakistan Stock Exchange, said that the Securities and Exchange Commission of Pakistan (SECP) has approved the Company’s Employee Stock Option Scheme (ESOS).

As per the notice, the Company has been allowed to issue ordinary shares of Rs. 10 each representing 15% of its outstanding ordinary share capital to its eligible employees under ESOS, 2020 by way of an otherwise than right offer.

However, the aforesaid approval is subject to the following conditions:

The Entitlement Pool of the ESOS shall not exceed 25 % of the enhanced capital of the Company at any point in time and 10% of the enhanced capital in a year;
Any variation in the ESOS, if made shall be immediately reported to the Commission; and
The Company shall ensure compliance with all the applicable laws.

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