Karachi, Mirpurkhas Sugar Mills Limited reported the successful conclusion of its rights issue, receiving PKR 442,533,600 for 17,701,344 shares, representing 88.51% of the total issue according to information available from the Pakistan Stock Exchange (PSX). The total issue was aimed at raising PKR 500 million, with shares priced at PKR 25 each. As a result, PKR 57,466,400, equating to 11.49% of the issue, remained unsubscribed.

On May 14, 2024, the Board of Directors decided not to call upon the underwriters to subscribe to the unsubscribed shares, as allowed under Section 83(1)(a)(iv) of the Companies Act, 2017. Instead, these shares will be allocated to various individuals and companies. The exact distribution includes 2,170,315 shares to M/s. Cherat Cement Company Limited and 128,341 shares to certain individuals, totaling the unsubscribed amount of PKR 57,466,400.

The Board has also authorized CEO Mr. Aslam Faruque, Director Mr. Wasif Khalid, and Company Secretary Mr. Muhammad Junaid to take necessary actions to finalize the issue and allocate shares as decided.