Power Cement Limited Receives Auditors’ Confirmation on Preference Shares Conversion

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Karachi, Power Cement Limited has received confirmation from its statutory auditors regarding the conversion of voting, cumulative, convertible preference shares into ordinary shares of the company. This conversion, which took place between September 15, 2021, and January 5, 2022, resulted in the issuance of 48,456,054 ordinary shares of Rs. 10 each.

The auditors have affirmed that this conversion aligns with the provisions outlined in Clauses 8 and 13.B of Power Cement Limited’s Articles of Association. Furthermore, it complies with the terms and conditions of the preference shares’ issuance, which were approved by the company’s members through a special resolution passed on June 20, 2020.

Importantly, the company has adhered to all relevant regulatory requirements concerning the cancellation and conversion process. No payments were made to preference shareholders in lieu of cancellation, as the conversion led to the issuance of ordinary shares, all of which have been duly recorded in the name of the Central Depository Company (CDC).

The auditors have also provided details of the number of shares outstanding before and after each phase of conversion:

Phase I (September 15, 2021, to January 5, 2022):

Shares (before conversion): 1,063,414,434 ordinary shares and 244,585,320 preference shares.

Number of shares converted: 5,431,999 preference shares.

Shares (after conversion): 1,068,846,433 ordinary shares and 240,511,320 preference shares.

Phase II (September 23, 2021, to November 11, 2021):

Shares (before conversion): 1,068,846,433 ordinary shares and 240,511,320 preference shares.

Number of shares converted: 40,357,389 preference shares.

Shares (after conversion): 1,109,203,822 ordinary shares and 210,243,277 preference shares.

Phase III (November 11, 2021, to January 5, 2022):

Shares (before conversion): 1,109,203,822 ordinary shares and 210,243,277 preference shares.

Number of shares converted: 2,666,666 preference shares.

Shares (after conversion): 1,111,870,488 ordinary shares and 208,243,277 preference shares.

This confirmation from the auditors reflects Power Cement Limited’s commitment to transparent and compliant financial practices, ensuring that the rights of all shareholders are respected and upheld.

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