Capital injection: Javedan Cement issues rights shares
Javedan Cement has decided to issue rights shares worth Rs1.13 billion to convert debt provided by sponsors.
KARACHI:
Javedan Cement has decided to issue rights shares worth Rs1.13 billion to convert debt provided by sponsors.
The sponsors had earlier given the company an interest free loan amounting to Rs1.13 billion, according to a notice sent to the Karachi Stock Exchange on Thursday.
The company’s board of directors in a meeting on Wednesday also proposed to change the name of the company from Javedan Cement to Javedan Corporation.
This change is subject to shareholders and regulatory authorities.
The company is part of Al-Abbas Group which includes at least six companies.
Published in The Express Tribune, April 15th, 2011.
Javedan Cement has decided to issue rights shares worth Rs1.13 billion to convert debt provided by sponsors.
The sponsors had earlier given the company an interest free loan amounting to Rs1.13 billion, according to a notice sent to the Karachi Stock Exchange on Thursday.
The company’s board of directors in a meeting on Wednesday also proposed to change the name of the company from Javedan Cement to Javedan Corporation.
This change is subject to shareholders and regulatory authorities.
The company is part of Al-Abbas Group which includes at least six companies.
Published in The Express Tribune, April 15th, 2011.