Baluchistan Glass Limited Proposes Share Capital Increase via Ordinary Share Issuance

Karachi: Baluchistan Glass Limited has announced a proposal to increase its paid-up share capital through the issuance of 376.91 million ordinary shares at Rs. 10 each to MMM Holding (Private) Limited, aimed at converting outstanding loans into equity.

The Board of Directors of the Company outlined that the issuance of new shares will be in lieu of right shares, following the proviso to Section 83 of the Companies Act, 2017. This strategic financial maneuver is subject to the approval of the company’s shareholders, the Securities and Exchange Commission of Pakistan (SECP), and adherence to necessary legal formalities.

According to information available from the Pakistan Stock Exchange (PSX), an extraordinary general meeting (EOGM) is scheduled for September 18, 2024, to seek shareholder consent for this proposal. To facilitate this meeting, the share transfer books of the company will remain closed from September 13 to September 18, 2024. During this period, no share transfers will be processed to ensure accurate recording of voting rights. Transfers submitted by the close of business on September 12, 2024, at the office of Share Registrar M/s Corplink (Private) Limited in Lahore, will be considered timely.

The formal notice regarding the EOGM will be shared with the Exchange shortly and subsequently published in major newspapers to inform shareholders and TRE certificate holders of the upcoming decision-making process.

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