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Karachi, In a strategic move, Pakistan Oxygen Limited (the “Company”) has announced its decision to enhance its paid-up share capital. The Board of Directors of the Company, during their meeting held on September 01, 2023, both physically at the Registered Office in Karachi, Pakistan, and via video conferencing, resolved to issue an additional 13,885,973 ordinary shares. These shares, with a face value of PKR 10/- (Pak Rupees Ten) each, will be designated as Right Shares and will be extended to existing members of the Company.
Shareholders will have the opportunity to acquire approximately 18.96 Right Shares for every 100 ordinary shares they currently hold, equivalent to approximately 18.96%. The pricing for these Right Shares is set at PKR 54/- (Pak Rupees Fifty-four) per Right Share. This figure includes a premium of PKR 44/- (Pak Rupees Forty-four) per Right Share.
The exact dates for the closure of the Share Transfer Books, which will determine the entitlement of the Right Shares, will be communicated in the coming days. This will be done in compliance with the regulations outlined in the Companies (Further Issue of Shares) Regulations, 2020.
This strategic decision to bolster the share capital reflects Pakistan Oxygen Limited’s commitment to its shareholders and its intention to reinforce its financial position for future growth and expansion opportunities. Shareholders are expected to benefit from this move as it allows them to increase their ownership in the company at an attractive price.
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