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Karachi, Mughal Energy Limited has successfully utilized its initial offer shares fund in compliance with its obligations under the listing requirements of the GEM Board of Pakistan Stock Exchange Limited. The update follows a directive in a letter referenced GEN-728 dated May 23, 2024, which approved the listing of the company on the Exchange.
According to the half-yearly progress report submitted on June 27, 2024, Mughal Energy Limited disclosed the use of funds as outlined in its initial information memorandum. A significant portion of the funds, amounting to Rs. 304,940,140, was allocated towards the repayment of a loan from the company’s sponsors. The remainder of the funds, totaling Rs. 20 trillion, has been directed towards working capital to support ongoing operations.
According to information available from the Pakistan Stock Exchange (PSX), this strategic financial maneuver is part of Mughal Energy Limited’s broader plan to stabilize its financial footing and enhance operational capacities post-listing. The repayment of sponsor loans is a critical step in improving the company’s balance sheet and reducing dependency on borrowed capital.
Mughal Energy Limited’s adherence to the outlined fund utilization plan demonstrates its commitment to regulatory compliance and financial transparency as a newly listed entity on the GEM Board of the Pakistan Stock Exchange.