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The Karachi Stock Exchange (Guarantee) Limited’s special resolution Passed by the Shareholders of Hala Enterprises Limited

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Karachi: Resolved that the paid up Capital of the Company be increased, by way of other than Right Issue i.e. conversion of Loans appearing as loans from Directors, amounting to Rs. 7.30 Million and Associated company i.e. Teejay Corporation (Private) Limited amounting to Rs. 22.94 Million into equity, by issuing further 3,024,000 Ordinary Shares of Rs. 10/- At PAR without offering Right Shares to all the existing shareholders as permissible under Section 86(1) of the Companies Ordinance, 1984 in order to reduce dependency on external debts and thus bringing Loans to equity ratio at prudent level and reducing financial cost of the Company.

Resolved further that after obtaining necessary approval from Securities and Exchange Commission of Pakistan (SECP), the said 3,024,000 ordinary Shares be issued to the Directors and associated company who consented to take the shares at PAR ranking passu in all respects.

Resolved further that the Chief Executive and Company Secretary be and are hereby authorized singly to give effect to the above resolution, take all necessary steps as required by SECP with the provisions of the Companies Ordinance, 1984 and to sign all documents relating to the further paid ordinary shares.

Application for Approval of Further Issue of Shares Otherwise than Right – Hala Enterprises Limited

Dear Sir,

This is with reference to your application No. Hala /Corporate/17, Dated April 23, 2011, regarding the above mentioned subject.

2. In this regard, I am pleased to inform you that the Commission, on the basis of special resolution passed by the shareholders of Hala Enterprises Limited (the “Company”), circumstances of the case and provision of certificate of the statutory auditor of the Company in the matter of receipt and utilization of loan, has allowed the Company to issue 3,024,000 ordinary shares of Rs 10 per share, otherwise than right, to the followings against conversion of their loan total amounting to Rs 30,240,000/- under the first proviso of Sub-section (1) of Section 86 of the Companies Ordinance 1984.

a. Mr. Tahir Jahangir730,000 Shares
b. Teejey Corporation (Pvt.) Limited2,294,000 Shares
Total3,024,000 Shares

3. Furthermore, the Company is advised to issue to shares within 30 days from date of approval under initiation to the Commission.

4. Please acknowledge.

Certificate Regarding Total Paid up Capital after Issue of further Shares by way of other than Right

At the request of Hala Enterprises Limited (the Company) and as per the approval letter of the Securities and Exchange Commission of Pakistan (SECP), we have examined the books of accounts and relevant records maintained by the Company regarding further issue of 3,024,000 ordinary shares of Rs. 10 by way of otherwise than right. We certify that the existing paid-up capital of the Company is Rs. 37,800,000 (divided into 3,780,000 fully paid ordinary shares of Rs. 10 each) and after fresh issue of shares of Rs. 30,240,000 otherwise than right, the issued share capital of the Company would be Rs. 68,040,000 (divided into 5,804,000 fully paid ordinary shares of Rs. 10 each).

For more information, contact:
Karachi Stock Exchange
Tel: +9221 111-001122
Fax: +9221 3241 0825, +9221 3241 5136


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