Habib Rice Products Limited Plans to Increase Authorized Shares Capital and Issue Bonus Shares

Karachi, Habib Rice Products Limited has announced its intention to hold an Extra Ordinary General Meeting to discuss significant changes to its share capital structure. In a recent board meeting held on June 3, 2023, the directors of the company resolved to propose two key agenda items for the shareholders’ consideration.

Firstly, the board seeks approval to increase the authorized capital of the company from RS. 300,000,000/-, divided into 60,000,000 shares of RS. 5 each, to RS. 1,000,000,000/-, divided into 200,000,000 shares of RS. 5 each. This move aims to provide the company with greater flexibility and capacity for future expansion and growth. The proposed alteration in the Memorandum and Articles of Association is subject to the approval of the company’s members.

Secondly, Habib Rice Products Limited intends to seek authorization from the shareholders to issue bonus shares. The bonus shares will be distributed to the company’s members in proportion to their existing shareholding ratio as of June 16, 2023. This initiative will reward the shareholders and enhance their stake in the company’s ownership. The issuance of bonus shares will be sourced from the unappropriated reserves of the company, as proposed and recommended by the Board.

The Extra Ordinary General Meeting has been scheduled for Monday, June 26, 2023, at the company’s headquarters in Karachi. During this meeting, shareholders will have the opportunity to review and approve the proposed changes to the company’s authorized capital and the issuance of bonus shares. The company will soon send out the notice for the Extra Ordinary General Meeting, providing shareholders with all the necessary information and details.