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Karachi, Yousaf Weaving Mills Limited, a key player in the textile industry, has received approval from the Securities and Exchange Commission of Pakistan (SECP) for the issuance of 46 million ordinary shares. These shares, each with a par value of Rs.10, amounting to a total of Rs. 460 million, will be issued to Mr. Khawaja Mohammad Nadeem in a transaction other than a right issue.
This significant development follows the company’s recent intimation, posted on August 31, 2023, on the Pakistan Universal Communication and Alerting Regime (PUCAR).
The issuance of these shares to Khawaja Mohammad Nadeem serves as a mechanism to settle his outstanding loan with Yousaf Weaving Mills Limited. The transaction aligns with the provisions outlined in Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Regulations.
This strategic move highlights the company’s commitment to managing its financial obligations efficiently and maintaining transparency in its operations. The approval from SECP represents a significant milestone in this process.
As Yousaf Weaving Mills Limited proceeds with the issuance of the 46 million ordinary shares, industry analysts and stakeholders will be closely monitoring the implications of this transaction on the company’s financial structure and overall business strategy. This development is expected to contribute to the company’s ongoing efforts to strengthen its financial position in the textile sector.
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