Karachi Electric Supply Company Limited’s Issuance of 9.20% Right Shares
Karachi, June 21, 2012 (PPI-OT): We refer to the Letters forwarding therewith “Procedure to be complied with for ISSUE of Right Shares” and “Approval to the schedule of credit / issuance of Letter of Rights”, with respect to the subject right issue of the Company.
The following Information is furnished:-
1(a) The subscription received towards rights shares is summarized below-
|No. of Shares||2,100,719,138||1,527,287,452||538,955,586||34,476,100|
|Total face value (PKR)||7,352,516,983.00||5,345,506,082.00||1,886,344,551.00||120,666,350.00|
|No. of Shares||1,532,526,259||1,527,287,452||–||5,338,807|
|Total face value (PKR)||5,364,491,906.50||5,345,506,082.00||–||18,685,824.50|
b) KESP has also subscribed for un-subscribed right shares of minority shareholders as summarized to follow.
|No. of Shares||Total face value|
|Offered to minority Shareholders||34.475,100||120,666,350.00|
|Subscribed by minority shareholders||5,338,807||18,685,824.50|
|Balance / unsubscribed – paid by KESP||29,137,293||101,980,525.50|
Fractional rights were consolidated for disposal through a member of KSE. The said fractional rights could not be sold due to unfavorable market price as compared to offer price.
Due to fiscal year end considerations and delayed announcement of national budget from earlier 15 May 2012 to 1 June 2012 as well as certain procedural requirements for transfer of funds, the GOP subscription amounting to PKR 1,886,344,551 for 538,955,586 right shares has delayed, However, the payment is duly guaranteed by GOP undertaking, attached for ease of reference, and the issue Is in final stages in Ministry of Finance, GOP and the funds are likely to be released shortly. You will agree that it is not a normal business transaction, please find attached an NOC dated 31 May 2012 issued by Karachi Stock Exchange with regard to GOP subscription subsequent to last date of payment. The said GOP subscription will also be ratified by a resolution of BOD of the Company.
We will shortly file the final report along with Auditors Certificates confirming receipt of above subscription with the esteemed Exchange for the purpose of issuance of NOC in the name of bankers to the right issue for release of subscription amount received by them.
The Company shall also ensure compliance of all other requirements relevant to the issue.
For more information, Contact:
Syed Moonis Abdullah Alvi
Karachi Electric Supply Company Limited
3rd Floor, K.E.S.C. House, 39-B,
Sunset Boulevard, Phase-II,
Defence Housing Authority, Karachi