Mirpurkhas Sugar Mills Limited Completes Rights Issue with Directors and Major Shareholder Subscription

Karachi, Mirpurkhas Sugar Mills Limited has successfully completed its rights issue, raising PKR 211,781,325 from its directors and a significant shareholder, as confirmed by an auditor’s certificate dated April 1, 2024. This capital infusion represents 42.35% of the total rights issue, involving the issuance of 8,471,253 right shares at an exercise price of PKR 25 per share. The rights issue was fully subscribed on March 27, 2024, in line with the Companies (Further Issue of Shares) Regulations, 2020.

The subscription breakdown reveals that Faruque (Private) Limited, a substantial shareholder, contributed PKR 208,221,600 for 8,328,864 shares. This total includes a subscription for 44,107 shares arranged on behalf of Director Mr. Arif Dino Faruque. Directors Mr. Aslam Faruque, Mr. Amer Faruque, Mr. Wasif Khalid, and Mr. Hasan Reza Ur Rahim also participated, contributing amounts of PKR 3,073,275, PKR 323,325, PKR 163,100, and PKR 25 respectively, for their entitlements.

The statutory auditors, M/s. Kreston Hyder Bhimji & Co. Chartered Accountants, have verified the receipt of the subscription money. Their certification is based on detailed procedures, including the examination of the board of directors’ resolution approving the issue, and verification of subscription amounts received by the designated bank account at Meezan Bank Limited.

This rights issue is part of Mirpurkhas Sugar Mills Limited’s strategic initiatives to strengthen its financial position and ensure compliance with the regulatory requirements set by the Pakistan Stock Exchange and relevant corporate governance regulations.