AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In an extraordinary general meeting held on June 26, 2024, at the Karachi School of Business and Leadership and via video link, shareholders of Dawood Hercules Corporation Limited approved a significant increase in the company’s authorized share capital. The meeting led to the adoption of resolutions that will see the capital rise from PKR 10 billion to PKR 12.5 billion.
According to information available from the Pakistan Stock Exchange (PSX), the company’s authorized share capital will be adjusted to accommodate 250 million additional ordinary shares priced at PKR 10 each. These shares will rank pari passu with the existing shares. This move is aligned with the company’s strategic growth initiatives and reflects its ongoing expansion efforts.
The resolutions also entail consequential amendments to the Memorandum of Association of the company. The modified Clause 5 of the Memorandum will now reflect the new capital structure, stating, “The capital of the Company is PKR 12,500,000,000 divided into 1,250,000,000 shares of PKR 10 each.”
The company secretary has been authorized to undertake all necessary actions, including the filing of requisite documents with the Registrar of Companies and the Securities and Exchange Commission of Pakistan, to fully implement these resolutions.