The Karachi Stock Exchange (KSE) has cleared the prospectus of cumulative non-voting preference shares of Chenab Limited, a non-listed company of the exchange, KSE Managing Director Moin Fudda said.
The total size of the preference shares of the company is Rs 800 million, comprising Rs 640 million allocated to various investors under pre-IPO placement and the balance amount of Rs 160 million is being offered to the general public.
It is expected to sell shares to the general public at par, means 10 rupees a share and the shareholders is expected to get 9.25 percent as dividend per year, sources said. The company plans to list these preference shares by the end of this month.
The company has also planned to initiate in the second phase the listing of its ordinary shares and complete listing process and formalities by December 31, 2004.