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Karachi, The Board of Directors of Modaraba Al-Mali convened on July 10, 2023, and passed a resolution to approve the issuance of Modaraba certificates to subscribers. The resolution, in compliance with the Companies Act, 2017, and the Board’s earlier resolution on March 29, 2023, pertains to the issuance of certificates against the left-over unsubscribed portion from the 14.34% Right Issuance.
The Modaraba Al-Mali Board granted approval for the issuance of Modaraba certificates to the following subscribers:
1. LSE Capital Limited (formerly AssetPlex Limited) – 50,779,690 PKR against cash, with 5,077,969 shares offered.
2. Digital Custodian Company Limited – 50,000,000 PKR against cash, with 5,000,000 shares offered.
The total value of the left-over unsubscribed portion amounts to 100,779,690 PKR, out of the total 14.34% Right Issuance valued at 113,929,700 PKR. The Modaraba certificates are issued at a par value of 10 PKR per certificate.
The prospective subscribers have been requested to deposit their respective share subscription amounts in the Modaraba Al-Mali Right Subscription Accounts maintained with Faysal Bank Limited and JS Bank Limited. The deadline for depositing the subscription amounts is July 12, 2023, and payment can be made in cash, by cheque, or pay order.
To implement the resolutions effectively, the Chief Executive Officer and the Company Secretary of Modaraba Al-Mali have been singly authorized to take all necessary actions. This includes the allotment of subscribed and unsubscribed Modaraba certificates, execution of required documents, and completion of all formalities related to the Right Issue on behalf of the Modaraba.
The approval of these resolutions marks an important step in the Modaraba Al-Mali’s capital raising efforts. The issuance of Modaraba certificates to the subscribers will provide them with an opportunity to participate in the Modaraba’s activities and potential returns.
The market and stakeholders will closely monitor the progress of the subscription process and subsequent actions taken by Modaraba Al-Mali. The successful completion of the Right Issue will strengthen the Modaraba’s financial position and contribute to its growth and expansion plans.
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