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Karachi, Agha Steel Industries Limited has announced that it will be convening an Extraordinary General Meeting (EOGM) on June 23, 2023, in Karachi. The purpose of the meeting is to seek approval from the shareholders for certain resolutions, including the increase in the authorized share capital of the company.
The first resolution to be considered at the EOGM is the proposal to increase the authorized share capital from Rs. 6,250 million to Rs. 7,250 million. This increase will be achieved by creating 100 million new shares of Rs. 10 each, specifically for the issuance of a separate class of shares known as preference shares. These preference shares will have differential rights and privileges.
The second resolution pertains to the amendments of the memorandum and articles of association of the company. The approval of the shareholders is sought to specify and alter the nature, rights, and privileges of the preference shares. The resolution also authorizes the issuance of up to 100,000,000 preference shares with differential rights and privileges to existing sponsors and certain strategic shareholders. These shares will have a face value of PKR 10 each, and the total value of the issuance is estimated to be PKR 1,000,000,000.
Additionally, the company is authorized to obtain an advance against the issuance from the existing sponsors and strategic shareholders who have expressed their intention to subscribe to the preference shares. The resolution empowers the company to take all necessary actions, including filing applications for regulatory approvals, to facilitate the issuance of the preference shares.
Furthermore, the shareholders will also consider the increase in the authorized share capital from Rs. 6, 2501 million to Rs. 10, 2501 million. This increase will be accomplished by creating 400 million new ordinary shares of Rs. 10 each, including the 100 million shares previously approved under special business number 1.
The EOGM will provide an opportunity for shareholders to discuss and transact any other business with the permission of the chair. To facilitate the meeting and ensure accurate records, the share transfer books of the company will remain closed from June 16, 2023, to June 23, 2023, inclusive.