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Karachi, Agha Steel Industries Limited convened a pivotal meeting of its Board of Directors on September 25, 2023, in Karachi. During the meeting, the Board of Directors passed a significant resolution aimed at strengthening the company’s capital base and furthering its strategic goals.
Direct Issue of Preference Shares:
Subject to obtaining all requisite corporate and regulatory approvals, Agha Steel Industries Limited is set to authorize the issuance of 100,000,000 (One Hundred Million) preference shares, each with a face value of PKR 10/- (Pak Rupees Ten). These preference shares, known as the “Preference Shares,” will carry differential rights and privileges.
The issuance of these Preference Shares will be directed towards specific existing shareholders and directors of the company, namely Mr. Raza Iqbal Agha and Mr. Hussain Iqbal Agha. Additionally, certain strategic investors, including Ms. Natasha Iqbal, Mr. Saad Iqbal, and Mr. Danish Iqbal, have expressed their interest in subscribing to these Preference Shares.
The subscription price for these Preference Shares has been set at PKR 10/- (Pak Rupees Ten) each, aggregating up to PKR 1,000,000,000/- (Pak Rupees One Billion). This issuance will not take the form of a right issue for cash consideration but will be executed as a “Direct Issue.”
The Direct Issue of these Preference Shares is authorized pursuant to the provisions of Sections 58 and 83(1)(b) of the Companies Act, 2017, and other applicable laws, all in strict compliance with the Articles of Association of Agha Steel Industries Limited.
This strategic move underscores the company’s commitment to fortify its capital structure and foster valuable partnerships with its existing stakeholders and strategic investors. It signifies a step toward furthering the company’s growth trajectory and expanding its operational capacities.
Agha Steel Industries Limited will now embark on the necessary processes to obtain the required corporate and regulatory approvals to execute this Direct Issue of Preference Shares. Shareholders, stakeholders, and the investment community will closely monitor developments related to this strategic move in the days to come.
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