Karachi, November 29, 2012 (PPI-OT): This has reference to the Special Resolutions passed by the shareholders of the Company at EGM held on 8 October 2012 and subsequent approval of Securities and Exchange Commission of Pakistan (SFCP) relating to issue of additional share capital to IFC and ADB up to US$ 50 million (US$ 25 million each to IFC and ADB) to be converted in Pak rupees at exchange rate prevailing on the date of subscription.
We are pleased to confirm having received a formal notice from IFC and ADB pursuant to Loan and Subscription Agreements dated May 05, 2010 in between KESC and IFC and KESC and ADB to exercise their option to convert their loan into additional Ordinary Shares at the Company having a cumulative value of PKR equivalent of US$ 50 million (US$ 25 million each) to be converted at exchange rate prevailing on the date of subscription.
We further confirm that the Auditor’s Certificate and other details shall be communicated as soon as IFC and ADB subscription amounts are received.
Trust this will meet the requirement of the Listing Regulations of the esteemed Exchange.
For more information, contact:
Syed Moonis Abdullah Alvi
Karachi Electric Supply Company Limited
Office and Postal Address: 3rd Floor, K.E.S.C. House,
39-B, Sunset Boulevard, Phase-II,
Defence Housing Authority, Karachi