Karachi April 2 2023: The Board of Directors of Cnergyico Pk Limited approved the issuance and allotment of 163,562,865 ordinary shares of PKR 10/- each to Cnergyico Mu Incorporated by way of other than right offer for consideration other than cash, according to company filing to the exchange.
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 Hon’ble High Court of Sindh at Karachi. The High Court, on January 19, 2017 approved the Scheme of Arrangement whereby, inter alia, subject to completion of requisite formalities, allowed issuance of 163,562,865 ordinary shares at par value of Rs. 10/- each to Cnergyico Mu Incorporated.
The Securities & Exchange Commission of Pakistan (‘SECP’), on the application filed by the Company seeking issuance of 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 was pleased to allow the Company to issue such 163,562,865 ordinary shares to Cnergyico Mu Incorporated.
The Board of Directors of Cnergyico Pk Limited is therefore pleased to inform you that at its meeting held today i.e. 31st March 2023, has, inter alia, approved the issuance and allotment of 163,562,865 ordinary shares of PKR 10/- each to Cnergyico Mu Incorporated by way of other than right offer for consideration other than cash, pursuant to the SECP approval, under Section 83(1) (b) of the Companies Act, 2017, read with Regulation 5 of the Companies (Further Issue of Shares) Regulations, 2020.
Cnergyico is a subsidiary of Cnergyico Mu Incorporated, (formerly Byco Industries Incorporated (BII)), Mauritius (the Parent Company). The Holding Company in turn is a subsidiary of Busientco Incorporated (formerly Byco Busient Incorporated (BBI)), Cayman Islands (the Ultimate Parent Company). As at June 30, 2022 Cnergyico Mu Incorporated (the Holding Company) hold 3,721,858,490 (June 30, 2021: 4,194,520,196) ordinary shares of PKR 10 each
