Karachi: We have to inform you that the Board of Directors in their meeting held on July 30, 2011 at 10:00 A.M at the Registered Office of the Company have declared the following:
1. Right Issue of Preference Shares
Issuance of 40.60 Right Preference Shares for every 100 Ordinary Shares at a price of Rs. 10 per share held by the Ordinary Shareholders i.e. 40.60% Right.
In this connection we are also enclosing herewith following documents in compliance with the requirements of Companies (Issue of Capital) Rules, 1996:
Financial Projections together with purpose of the right issue, benefits to the Company and use of funds.
2. Merger of Hazara Phosphate and Agritech Limited (AGL)
Merger of Hazara Phosphate Fertilizers (Private) Limited (HPFL) together with all the property, assets, rights, liabilities and obligations of every description of the HPFL by and into the Company on the basis of the Scheme of Amalgamation.
3. Increase of Authorized and Paid up Capital Share Capital
You may please inform to the members of the exchange accordingly.
The Notice of EOGM will be sent to you separately.
|FY 2012||FY 2013||FY 2014|
|Cost of Sales||3,988,936,817||4,254,788,451||4,455,348,136|
|Administrative and Selling Expenses||542,701,312||596,971,443||656,668,588|
|Profit before taxation||1,190,203,148||1,802,473,441||2,417,805,986|
|Provision for taxation||130,774,560||141,895,866||149,998,826|
|Profit after taxation||1,059,428,588||1,660,577,575||2,267,807,160|
Purpose of Preference Shares
To convert the outstanding mark up on long term loans into Preference shares to improve the financial health and future prospects of the company.
Conversion of outstanding markups into equity of the company. Improved equity of the company. Reduction in finance cost.
Use of Funds
To convert the existing markup payment obligations of the company in respect of its long term loans into equity for the lenders of the company.
Financial Projections of Three Years
Attached Annexure (A)
For more information, contact:
Muhammad Ijaz Haider
Ismail Aiwan-e-Science building,
Main Ferozpur Road,
Tel: +9242 111-786-645
Fax: +9242 35751841