Dost Steels Secures SECP Approval to Issue Over 128 Million Shares at Discount; Notable Shareholders Named

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Karachi, Dost Steels Limited, a key player in the steel industry, has achieved a significant milestone in its corporate trajectory. The company’s application for the further issuance of shares at a discount to the par value, under sections 82 and 83 (1) (b) of the Companies Act 2017, in conjunction with regulation 5 of the Companies (Further Issue of Shares) Regulation 2020, has been successfully greenlit by the Securities and Exchange Commission of Pakistan (SECP).

This development paves the way for Dost Steels Limited to proceed with the issuance of a substantial volume of ordinary shares, totaling 128,961,717, each valued at Rs. 4.07, thereby reflecting a discount to the par value. This issuance amounts to Rs. 524,874,188. The issuance will be conducted via means other than a right offer, facilitating an inclusive expansion of the company’s shareholder base.

The list of recipients set to benefit from this share issuance has also been disclosed by Dost Steels Limited. The issuance will be allocated among several individuals, with prominent shareholders set to receive the newly issued shares:

1. Mr. Khawaja Shahzeb Akram – 20,000,947 shares

2. Ms. Qurat-ul-Ain Shahzeb – 29,983,422 shares

3. Mr. Haji Ghulam Ali – 6,136,506 shares

4. Mr. Favvaz Ali – 6,136,506 shares

5. Mr. Zahir Khan – 26,681,734 shares

6. Mr. Mohabat Khan – 40,022,602 shares

Collectively, these allocations add up to the approved issuance of 128,961,717 shares, showcasing the company’s intention to extend its ownership to these key individuals, further strengthening its ownership structure.

The SECP’s endorsement of Dost Steels Limited’s share issuance demonstrates regulatory confidence in the company’s financial standing and growth prospects. This significant development is poised to have implications for Dost Steels Limited’s capital structure, financial performance, and strategic direction, making it a pivotal moment for the company and its stakeholders.

The post Dost Steels Secures SECP Approval to Issue Over 128 Million Shares at Discount; Notable Shareholders Named appeared first on Pakistan Company News.