October 4, 2021 (MLN): Ghani Global Holdings Limited (GGL), has decided to list its subsidiary Ghani Chemical Industries Limited (GCIL) on Pakistan Stock Exchange (PSX).
GCIL is one of the largest manufacturers of medical and industrial gases in Pakistan.
The decision came at the meeting of the Board of Directors of GGL held on October 2, 2020, wherein the Board decided to make an Initial Public Offering (IPO) of Ghani Chemical Industries Limited, at the Strike Price to be determined through Book Building Process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX and ultimate listing of the subsidiary at PSX.
The Company will utilize the funds raised from IPO for the setting-up of two state-of-the-art chemical plants for the manufacturing of Citric Acid (60,000MT/ year) (import substitute) and Sulphuric Acid (70,000MT/year) in Allama Iqbal Industrial City, Faisalabad, with an approximate cost of PKR8.5 billion.
It may be added that after the ensuing financial structuring & the IPO, GGL shall come to hold more than 50% equity in the listed GCIL with an expected valuation cap of GGL's holding in GCIL coming approximately to PKR 13 billion, based on GCIL's share price for the book-building process, company’s notice to Exchange said.
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