Lahore March 3 2023: Agritech Limited increased its Authorized Share Capital to PKR 35 billion to discharge its financial obligations by issuing preference shares, according to company filing to the exchange.
Share price of the company moves up 1 paisa to trade at PKR 3.94 at closing of first half on Friday at Pakistan Stock Exchange.
In accordance with Sanctioned Scheme of Arrangement approved by the Honorable Lahore High Court Lahore, Company have accepted and recorded company’s Form 7 and Form 26 whereby the Authorized Share Capital of the Company have increased from PKR 15 billion to PKR 35 billion. Accordingly, clause V of Memorandum of Association and Article 5 of the Articles of Association of the Company have been altered/amended.
The increase in Authorized Share Capital of the Company is to discharge its financial obligations towards its creditors by issuance of Preference Shares in consonance with Sanctioned Scheme of Arrangement.
The Authorized Share Capital of the Company is PKR 35,000,000,000 (Rupees Thirty Five Billion) comprising of two kinds of shares; Ordinary Share Capital of PKR 10,000,000,000 (Rupees Ten Billion) and Preference Share Capital of PKR 25,000,000,000 (Rupees Twenty Five Billion) divided into 1,000,000,000 (One Billion) Ordinary Shares of PKR 10.00 each and 2,500,000,000 (Two Billion Five Hundred Million) Preference Shares of PKR 10.00 each respectively. The Ordinary Share Capital of PKR 10,000,000,000 (Rupees Ten Billion) is classified into three classes of shares; (a) Class-A PKR 6,000,000,000 (Rupees Six Billion) divided into 600,000,000 (Six Hundred Million) Ordinary Shares of PKR 10.00 each; (b) Class-B PKR 2,000,000,000 (Rupees Two Billion) divided into 200,000,000 (Two Hundred Million) Restricted Rights Ordinary Shares of PKR 10.00 each; and (c) Class-C PKR 2,000,000,000 Billion (Rupees Two Billion) divided into 200,000,000 (Two Hundred Million) Non-Voting Ordinary Shares of PKR 10.00 each. Preference Shares are classified into two classes of shares. (a) Non-voting Convertible and redeemable Preference Shares Class ‘A” of PKR 5,000,000,000 (Rupees Five Billion) divided into 500,000,000 (Five Hundred Million) Preference Shares of PKR 10 each. (b) Cumulative, redeemable, Class A preference Shares with limited voting rights of PKR 20,000,000,000 (Rupees Twenty Billion) divided into 2,000,000,000 (Two Billion) Preference share of PKR 10 each. The shares of the Company shall have attached thereto respectively such preferential, deferred, qualified or special rights, privileges or conditions as may be determined by or in accordance with the Articles of Association of the Company and the provisions of the Ordinance, and with the right of the Company to vary, modify or abrogate any such rights, privileges or conditions in such manner as may be provided in the Articles of Association of the Company in accordance with the law and to increase or reduce the Share Capital and to divide the Share Capital further into various classes in accordance with the provisions of the Ordinance, and any rules made there-under and to consolidate or subdivide the share capital and to issue shares of higher or lower face value or denomination from time to time.
Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, any share in the Company may be issued with different rights, restrictions and privileges, including but not limited to the following, as may be approved by the Company by Special Resolution:
(i) different voting rights; voting rights disproportionate to the paid-up value of shares held; voting rights for specific purposes only; or no voting rights at all;
(ii) different rights for entitlement of dividend, rights shares or bonus shares or entitlement to receive the notices and to attend the general meetings;
(iii) rights and privileges for indefinite period, for a limited specified period or for such periods as may from time to time be determined by the Company.
Agritech Limited was incorporated in Pakistan on 15 December 1959 as an unlisted Public Limited Company under the repealed Companies Act, 1913 (now the Companies Act, 2017). The principal business of the Company is the production and sale of Urea and Granulated Single Super Phosphate fertilizer.
