ISLAMABAD — Ghani Global Glass Limited (PSX: GGGL) has secured regulatory approval to issue up to 60 million ordinary shares, amounting to Rs1.2 billion, through a mechanism other than a rights offer, the company informed the Pakistan Stock Exchange (PSX) on Thursday.
The new shares will be offered to Sukuk holders who opt to exercise their conversion rights, in line with the terms of the convertible debt instrument.
The Securities and Exchange Commission of Pakistan (SECP) granted the approval under Section 83(1)(b) of the Companies Act, 2017, in conjunction with Regulation 5 of the Companies (Further Issue of Shares) Regulations, 2020, and Regulation 4(1)(iii) of the Issuance of Convertible Debt Securities through Right Offer Regulations, 2022.
The move is part of the company’s capital structuring plan and provides Sukuk holders the option to convert their debt into equity within the agreed framework.
