SECP allows KESC to issue 14.5pc right shares
Sunday, 13 December 2009
KARACHI, Dec 12 (Business Recorder): The Securities and Exchange Commission of Pakistan (SECP) has allowed the Karachi Electric Supply Company (KESC) to issue 14.50 per cent right shares ie 2.501 billion ordinary shares at per value ie Rs 3.5 per share total amounting to Rs 8.754 billion as announced by the board of directors of the company earlier.
The permission is, however, subject to the condition that the company shall provide an undertaken from the government of Pakistan regarding its commitment to subscribe its portion of the aforesaid right shares. Furthermore, the company shall provide a report to the SECP within 15 days from the completion of the aforesaid right issue providing the break-up of the shares subscribed by the government of Pakistan and the minority shareholders.
According to a notice sent to Karachi Stock Exchange Friday, the SECP keeping in view the circumstances of the case.
The permission is, however, subject to the condition that the company shall provide an undertaken from the government of Pakistan regarding its commitment to subscribe its portion of the aforesaid right shares. Furthermore, the company shall provide a report to the SECP within 15 days from the completion of the aforesaid right issue providing the break-up of the shares subscribed by the government of Pakistan and the minority shareholders.
According to a notice sent to Karachi Stock Exchange Friday, the SECP keeping in view the circumstances of the case.