Progress Report on Right Issue Proceeds Utilization by Al Shaheer Corporation Limited

Karachi, Al Shaheer Corporation Limited has fully utilized the funds raised through its right issue completed on 21 February 2023, according to the quarterly progress report released today in compliance with Regulation 10(2) of the Companies (Further Issue of Shares) Regulations, 2020. The report details the allocation and utilization of the proceeds from the right subscription amount.

The company allocated a total of 280,000,000 Rupees for the development of a further food processing unit (FFP), which has been fully utilized as planned. Similarly, the primary processing unit (PP) saw an allocation and utilization of funds amounting to 320,003,000 Rupees. For the enhancement of its Lahore plant, Al Shaheer Corporation allocated 60,000,000 Rupees towards machineries, which have also been fully utilized.

The local fresh meat business was another area of focus, with an allocation of 60,000,000 Rupees, all of which have been spent as intended. The issue cost, including a take-up commission, was slightly over the allocated budget, with 29,847,000 Rupees allocated and 30,885,000 Rupees utilized.

This comprehensive utilization of funds indicates Al Shaheer Corporation Limited’s strategic investment in its business expansion and operational enhancement across various sectors. The successful deployment of the right issue proceeds reflects the company’s commitment to growth and efficiency in its operations.