January 16, 2020 (MLN): The Security Exchange Commission of Pakistan (SECP) has permitted Descon Oxychem Limited (DOL) to issue 48,888,866 ordinary shares of Rs 10 per share at a premium of Rs 5 per share to Descon Engineering Limited (DEL) by way of other than right under Companies Act 2017.
The aforesaid approval is, however subject to the following conditions:
- The company shall ensure compliance with all the applicable laws particularly the relevant provisions of the Securities Act 2015 and the Listed Companies Regulations 2017.
- The company shall inform the Commission within seven days of the issuance of shares to DEL
- DEL shall not divest its shareholding in the Company for a period of three years from the date of issue.
- The Company shall within seven days of the date of this letter provide an undertaking to the effect that:
- Nothing in applicable laws, its memorandum and articles of association restrict it to issue the said shares;
- Any change or material information effecting the subject issuance of shares shall be communicated to the commission immediately.
Copyright Mettis Link News
32163