Karachi September 27 2022: Cnergyico Pk Limited (CNERGY) Board of Directors to sought approval of shareholders for issuance of 163.5 million shares without consideration of cash in favor of Cnergyico Mu Incorporate in its Annual General Meeting.
Cnergyico Pk Limited 28th Annual General Meeting (“Meeting”) will be held on Wednesday, 19th October 2022.
Cynergy to hold Annual General Meeting to resolve that the valuation report dated 20th September 2022, in pursuance of the scheme of arrangement dated 23rd June 2016 for approving the issue of 163,562,865 ordinary shares of the Company having face value of Rs. 10/‐ each to Cnergyico Mu Incorporated being the parent company / majority shareholder of the Company, other than by way of right offer, and for consideration other than cash, be and is hereby approved and adopted.
Earlier, in accordance with the Scheme of Arrangement dated June 23, 2016 (the “Scheme”), for inter alia the merger of Byco Oil Pakistan Limited and Byco Terminals Pakistan Limited with and into Byco Petroleum Pakistan Limited (the “Company”), as approved by the shareholders of the Company on August 29, 2016 and sanctioned by the High Court of Sindh dated January 19, 2017, the Company was authorized to issue additional shares to Cnergyico Mu Incorporated (formerly known as Byco Industries Incorporated) (“CMI”), in light of payments made by CMI on behalf of BOPL, subject to obtaining the approval of the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP). The Company has received the go-ahead from SBP.
