Ismail Industries Limited, mainly known as Candyland, has announced a range number of investments, which includes long-term equity investment by way of an additional acquisition of shares of The Bank of Khyber and long term equity investment in its subsidiary company M/s. Hudson Pharma (Private) Limited.
It has also announced the conversion of loans to equity.
The Board of Directors of the company, in its meeting held on September 24, 2018, approved the following:
It has been decided to convert the Sponsors’ outstanding loan of Rs. 902 million (902,151,770/-) into equity of the Company by way of further issue of 9,021,517 ordinary shares at Rs. 100/- each (including premium of Rs. 90/-) without offering shares to the existing shareholders under the first proviso to section 83(1) of the Companies Act, 2017.
The Board has decided to make further long-term equity investment up to Rs. 1 billion (Rs1,000,000,000/-) by way of an additional acquisition of shares of The Bank of Khyber, an associated undertaking under section 199 of the Companies Act, 2017.
It was further decided to make further long-term equity investment in its subsidiary company M/s. Hudson Pharma (Private) Limited up to Rs. 500 million (500,000,000/-) to meet its operational expenses/working capital requirements.
The proposed investments will be subject to approval of shareholders and regulatory bodies.
Ismail Industries Limited manufactures and trades sugar confectionery products under the CandyLand brand name in Pakistan.