The Board of Directors of Cnergyico Pk Limited (CNERGY) on Friday approved the issuance and allotment of 163 million ordinary shares of Rs. 10 each to Cnergyico Mu Incorporated.
The allotment of shares will materialize by way of other than right offer for consideration other than cash.
In a notice to Pakistan Stock Exchange (PSX), the company said that pursuant to the special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 29, 2016, seeking approval of the ‘Scheme of Arrangement’, J. C. M. Petition was filed before the High Court of Sindh at Karachi.
The High Court, on January 19, 2017, approved the Scheme of Arrangement whereby, inter alia, subject to the completion of requisite formalities, allowed issuance of 163,562,865 ordinary shares at a par value of Rs. 10 each to Cnergyico Mu Incorporated.
The notice said that the Securities and Exchange Commission of Pakistan (SECP), on the application filed by the company seeking issuance of the above-referred shares, inter alia, required another special resolution passed by the shareholders of the Company at the Annual General Meeting, which was held on October 19, 2022.
On March 09, 2023, SECP allowed the company to issue such 163,562,865 ordinary shares to Cnergyico Mu Incorporated.