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Lahore, Agritech Limited has disclosed the conversion of preference shares into ordinary shares according to the requirements of the Securities Act, 2015 and the rules of the Pakistan Stock Exchange. The conversion involves 10,883,486 preference shares of Bank Alfalah Limited, including accumulated dividends as of March 30, 2024, into 32,215,119 ordinary shares. This action follows the Share Subscription Agreement dated February 13, 2012, and results in an increase in the ordinary paid-up share capital from Rs. 3,924,300,000 to Rs. 4,246,451,190.
The company confirmed that it is finalizing the legal and procedural requirements necessary for the conversion. This update was part of a formal disclosure made to the TRE Certificates Holders on May 10, 2024. Agritech Limited, headquartered on the 2nd Floor of the Asia Centre at 8-Babar Block in New Garden Town, Lahore has adhered to all regulatory obligations under Section 96 of the Securities Act, 2015 in communicating these changes.