Dewan Cement approves raising of further Authorized Capital

The Board of Directors of Dewan Cement Limited has approved raising of further Authorized Capital of the company from Rs 5 billion to Rs 7.5 billion and to effectuate consequent alterations in the Memorandum and Articles of Association of the company. The decision would be subjected to the approval of members of the company and the Securities and Exchange Commission of Pakistan (SECP)).
The BoD has decided to deal with the decision of the conversion of the outstanding loans into equity of the company, by way of further issue of shares under the first proviso Section 86(1) of the Companies Ordinance, 1984 that was notified earlier vide dated September 09, 2016 in due course, because of the circular No 30 of 2016 dated September 16, 2016 issued by SECP, an information sent to Pakistan Stock Exchange on Thursday said.