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|
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