Dewan Farooque Motors Limited Plans to Double Authorized Capital

Karachi, Dewan Farooque Motors Limited announced a forthcoming meeting of its Board of Directors scheduled for May 31, 2024, in Karachi, Pakistan. The primary agenda item is to consider a proposal to increase the Company’s Authorized Capital from Rs. 1,500,000,000 to Rs. 3,000,000,000. This change would adjust the division of ordinary shares from 150,000,000 shares at Rs. 10 each to 300,000,000 shares at the same denomination.

According to information available from the Pakistan Stock Exchange (PSX), this adjustment aims to enhance the company’s capacity for future growth and investment. In conjunction with this announcement, a “Closed Period” has been declared from May 29, 2024, to May 31, 2024. During this time, directors, the CEO, and executives are prohibited from dealing directly or indirectly with the company’s shares.

Stakeholders and TRE Certificate Holders have been notified as per regulatory requirements to ensure compliance and transparency.