HAKS Trading (Private) Limited has amalgamated with and into Burshane LPG (Pakistan) Limited. As a result of the scheme of merger, the authorized share capital of the Company is enhanced to Rs 900 million from Rs 300 million, material information sent to Pakistan Stock Exchange on Wednesday said.
Further, pursuant to the amalgamation, the paid-up share capital of the Company reduced from Rs 226,488,890 dividend into 22,640,044 shares of Rs 10.00 each to Rs 224,888,900 divided into 22,488,890 shares of Rs 10.00 each, were offered to the shareholders of HTPL for every one share held of HTPL, with a face value of Rs 10.00 each.
As per the scheme, the Company is required to allot new shares to the shareholders of HTPL. Upon allotment of new shares, old shares of the company, held by HTPL, shall stand cancelled and simultaneously HTPL shall stand dissolved without being wound up.
Further, the cancellation of old shares and issuance of new shares will result in the reduction of 151,154 shares of the Company. "As this transaction is as per the Court order, therefore, listing fee is also not required to be paid", the company said.