Ghani Chemical Industries Limited (PSX: GCIL) has approved an investment of up to Rs. 2.01 billion in three gas projects, alongside plans to issue a new class of shares to eligible existing shareholders.
According to resolutions passed at an extraordinary general meeting on October 10, shareholders approved equity investments in the Bono Lashari, Jandran and Maiwand gas projects. The funding will support their development, execution, implementation, commissioning and operation.
The approved project funding totals approximately Rs. 2.01 billion, including Rs. 850 million from internal funds and Rs. 1.16 billion from the proposed share issue. The company will issue up to 116.37 million Class B Tracking Shares, with eligible shareholders entitled to approximately 204 shares for every 1,000 ordinary shares held.
The tracking shares will have an issue price of Rs. 10 each, comprising a redeemable portion of Rs. 9 and an irredeemable portion of Rs. 1. The shares will track the financial performance of the designated business unit and carry specific rights and conditions approved by shareholders.
Shareholders also approved investments and project guarantees of up to Rs. 2.01 billion for the three projects. The resolutions provide for project-related guarantees and financing arrangements, subject to the applicable legal and regulatory requirements.
The company also approved changes to its authorized share capital and its articles of association to facilitate the new share structure. The resolutions authorize the board and company officers to complete the required documentation, regulatory filings and other steps needed to implement the approvals.
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