Karachi: As already informed, our banker to the right issue (MCB Bank Limited) received Rupees 24,242,860 till last date of subscription (July 15, 2011) against right issue of 4,900,000 ordinary shares, thereby leaving 2,475,714 Ordinary shares unsubscribed.
Board of Directors of the Company, in its meeting held on July 21, 2011, has approved to offer and allot 2,475,714 unsubscribed right shares, which have been subscribed and paid fully on July 26, 2011 at offer price of Rupees 10 per ordinary share.
Hence, the Company has received full amount of Rupees 49,000,000 against total right issue of 4,900,000 ordinary shares. Auditors’ certificate in this regard is being submitted to you in compliance of clause 8 of your sanction for the said right issue.
In view of the above, it is requested to kindly issue “No Objection Certificate” for release of amount collected by MCB Bank Limited against right issue.
Finally, we wish to appreciate cooperation and assistance extended by your office to us in smooth completion of the Company’s right shares issuance.
Husein Sugar Mills Limited – 40.49% Ordinary Right Shares
We have examined the books of account and relevant records maintained by Husein Sugar Mills Limited (“The company”) regarding issue of captioned ordinary shares. We report that the company has received subscription amount of Rupees 49,000,000 against issue of 4,900,000 ordinary shares of Rupees 10 each issued at par. After the aforesaid issue of ordinary shares, the paid-up capital of the company is divided into 17,000,000 ordinary shares of Rupees 10 each.
For more information, contact:
Syed Arif Hussain
Riaz Ahmad and Company
Husein Sugar Mills Limited
10-B, Saint Mary Park
Main Boulevard, Gulberg-III
Lahore 54660, Pakistan
Tel: +9242 357181 37-9
Fax: +9242 357181 36