Kohinoor Spinning Mills Granted Approval to Issue 196.4 Million Ordinary Shares

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Karachi, Kohinoor Spinning Mills Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to issue a substantial number of ordinary shares, a significant development for the company’s future growth.

In a letter dated August 30, 2023 (No. CSD/Cl/28/2005/186), the SECP granted Kohinoor Spinning Mills permission to issue 196,392,500 ordinary shares at a par value of Rs. 5 per share, totaling Rs. 981,962,500. This issuance will be carried out through a method other than a right offer, in accordance with Section 83(1)(b) of the Companies Act, 2017, and regulation 5 of the Companies (Further Issue of Shares) Regulations, 2020.

The authorized issuance of these shares marks a strategic move by Kohinoor Spinning Mills to expand its capital base and facilitate its growth plans. These shares are intended to be allocated to four individuals: Mohammad Naveed, Mohammad Hamza Yousaf, Khawaja Muhammad Nadeem, and Khawaja Shahzad Younus.

This development reflects Kohinoor Spinning Mills’ commitment to fortifying its financial position and supporting its long-term objectives. The infusion of additional capital through this share issuance will likely play a pivotal role in the company’s ongoing and future projects, ensuring it remains competitive and well-positioned in the textile industry.

Kohinoor Spinning Mills continues to progress strategically, leveraging opportunities that enhance its capabilities and competitiveness within the market. The SECP’s approval to issue these ordinary shares is a significant step in the company’s journey toward sustainable growth and success.

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