Lucky Cement Limited Announces Plans for Capital Expansion and Bonus Share Issuance

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Karachi, Lucky Cement Limited, a prominent player in the Pakistani stock market, has disclosed crucial information that could potentially impact its shareholders. In a recent board meeting held on June 1, 2023, the company’s directors recommended several significant measures to propel its growth and enhance shareholder value.

Firstly, the Board of Directors proposed a substantial increase in the Authorized Share Capital of Lucky Cement Limited. The current authorized capital of PKR 5,000,000,000/- (Pak Rupees Five Billion) would be raised to PKR 125,000,000,000/- (Pak Rupees One Hundred Twenty Five Billion). This increase would result in the division of shares from 500,000,000 ordinary shares of PKR 10/- each to 12,500,000,000 ordinary shares of PKR 10/- each. The proposed alteration to the Memorandum of Association of the Company is subject to the approval of shareholders during an Extraordinary General Meeting (EOGM) to be held on June 26, 2023.

Additionally, Lucky Cement Limited aims to empower its Board of Directors to capitalize on sums derived from reserves, undistributed profits, or other accounts of the company. This proposed alteration in the Articles of Association would grant the board the authority to capitalize on these funds, ensuring the effective utilization of resources.

Moreover, the board also recommended the issuance of bonus shares. If approved by the shareholders, Lucky Cement Limited would distribute bonus shares from its reserves or undistributed profits. This move intends to reward existing shareholders by increasing their ownership stake in the company.

To seek approval for these proposed measures, an Extraordinary General Meeting has been scheduled for June 26, 2023. The meeting will be held at Khyber Pakhtunkhwa and accessible via video link to facilitate broader participation from shareholders. In preparation for the EOGM, the share transfer book of the company will remain closed from June 19, 2023, to June 26, 2023.