Al Shaheer Corporation Provides Quarterly Report on Utilization of Right Issue Proceeds

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Karachi, Al Shaheer Corporation Limited, a leading player in the meat processing industry, has presented a comprehensive report outlining the progress made in utilizing the proceeds from its recent right issue. The report, in accordance with Regulation 10(2) of the Companies (Further Issue of Shares) Regulations, 2020, offers a transparent account of the allocation and utilization of funds from the right subscription amount.

The right issue was successfully completed by Al Shaheer Corporation Limited on February 21, 2023, reflecting investor confidence and support for the company’s strategic initiatives. In this context, the quarterly progress report provides insights into the meticulous utilization of the funds garnered from the right subscription.

Here’s an overview of the funds allocated and utilized for various purposes:

Further Food Processing Unit (FFP): Rupees 280,000,000 was allocated and fully utilized for this significant project aimed at enhancing the food processing capabilities of the company.

Primary Processing Unit (PP): An allocation of Rupees 320,000,000 was fully utilized to develop and strengthen the primary processing operations of the company.

Machineries for Lahore Plant: An allocation of Rupees 60,000,000 was made for this purpose, and the funds are currently unutilized.

Local Fresh Meat Business: The allocation of Rupees 60,000,000 was fully utilized to bolster the local fresh meat business segment of the company.

Issue Cost: The allocation of Rupees 29,847,000 (inclusive of take-up commission) was allocated and slightly exceeded for this purpose, amounting to Rupees 30,885,000.

The total funds allocated and utilized amount to Rupees 749,847,000 for the outlined initiatives, while the total utilization stands at Rupees 690,885,000. This report underscores Al Shaheer Corporation Limited’s commitment to transparency, efficient allocation of funds, and its ability to leverage investments for strategic growth initiatives.

As Al Shaheer Corporation Limited proactively manages its finances and strategically invests in its operations, stakeholders and investors can observe the company’s prudent financial decisions and its ability to realize its growth objectives. The utilization of the right issue proceeds reflects the company’s dedication to enhancing its operations, expanding its market presence, and delivering value to its shareholders.

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