The Karachi Stock Exchange (Guarantee) Limited’s issuance of preference shares otherwise than right under rule 5 of companies share capital (variation in rights and privileges) – rules 2000 read with section 90 and section 86 (1) of the companies ordinance, 1984

Karachi: Please refer to your application dated June 09, 2011 and subsequent correspondence dated June 14, 2011, June 22, 2011 and our meeting held on December 15, 2011 on the subject noted above.

2. I am directed to inform you that the Commission on the basis of special resolution passed by the shareholders of Javedan Corporation Limited   Formerly Javedan Cement Limited] (“the Company”) in the Extraordinary General Meeting (EOGM) held on May 07, 2011 and circumstances of the case has allowed the Company to issue 112,771,300 Non-voting, Unlisted, Cumulative, Convertible, Redeemable and Non- Participatory Preference shares otherwise than rights at Rs. 10 each, having preferred dividend rate of 12% per annum on cumulative basis against conversion of loan of its sponsors / shareholders in the following pattern, who lend the company interest free debt, which is also confirmed by the statutory auditor of the Company, under the first proviso of Sub-section (1) of section 86 and Section 90 of the Companies Ordinance, 1984:

 

Name  Amount  Number of Shares
Mr. Arif Habib Rs. 461,271,000 46,127,100
Mr. Aqeel Karim Dhedhi Rs. 145,819,000 14,581,900
Mr. Rafiq Tumbi Rs. 70,441,000 7,044,100
Haji Ghani Haji Usman Rs. 206,444,000 20,644,400
Mr. Iqbal Usman Rs. 57,236,000 5,723,600
Mr. Shunaid Qureshi Rs. 115,502,500 11,550,250
Mr. Mohammad Ayub Rs. 70,999,500 7,099,950
 —————– ———–
Total Rs. 1,127,713,000 112,771,300

 

3. It may be noted that the aforementioned preference shares shall be governed by the terms and conditions approved by the shareholders in the aforesaid EOGM and at the time of conversion of preference shares into ordinary voting shares of the Company, the requirement of the listed Companies (Substantial Acquisition of Voting Shares And Take Overs) Ordinance, 2002, shall be complied with (wherever applicable). Further, the Company shall intimate the Commission along with complete details, within 7 days from the date of issue.

4. Please acknowledge receipt.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

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