Issue of more shares: Maple Leaf Cement Factory granted permission
The Securities and Exchange Commission of Pakistan (SECP) has granted permission to the Maple Leaf Cement Factory Limited for issue of further 153,846,153 ordinary shares of Rs 10 each at Rs 6.50 per share, ie at a discount of Rs 3.50 per share otherwise than through a right issue up to the extend of one billion rupees to Kohinoor Textile Mills Limited.
Further, Maple Leaf Cement Factory has also received firm intention of the Kohinoor Textile Mills to acquire the voting share of Rs 10 each at Rs 6.50 per share at a discount of Rs 3.50 per share.
The present shareholding of the Kohinoor Textile Mills is 186,608,808 ordinary shares constituting 50.13 percent of the existing issued, subscribed and paid up capital and after the proposed subscription, Kohinoor Textile Mills shall have shareholding of 340,454,961 ordinary shares constituting 64.71 percent of the increased paid up capital of Maple Leaf Cement Factory and will rank pari passue in all respects with the existing ordinary shares of the target company.
Published under Cement News
