Agritech Limited Completes Conversion of Preference Shares into Ordinary Shares

Karachi, Agritech Limited (“AGL”) has successfully completed the conversion of preference shares into ordinary shares, resulting in an increase in the company’s paid-up capital. This move follows the terms outlined in the company’s Approved Share Subscription Agreement and was confirmed through various compliance documents submitted to the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the conversion involved the cancellation of 10,883,486 preference shares, with 32,215,119 new ordinary shares issued in their place. This adjustment brings the total paid-up capital to 424,645,119 shares post-conversion, from the previous 392,430,000 shares.

The process was verified by an auditor’s certificate, which confirmed that the conversion and subsequent increase in paid-up capital were in line with the company’s Articles of Association and regulatory requirements. Additionally, Agritech Limited fulfilled all obligations regarding the additional listing fee with the PSX and the supervisory fee with the Securities and Exchange Commission of Pakistan (SECP), evidenced by the payment proofs submitted as part of the regulatory compliance.

This strategic adjustment in Agritech Limited’s share structure is part of broader efforts to streamline its capital structure and enhance shareholder value. The company has ensured full regulatory compliance in the conversion process, as it aims to leverage its revised capital structure for future growth and development.