Karachi: Ghani Global Glass Limited has secured approval from the Securities and Exchange Commission of Pakistan for the further issuance of up to 60 million ordinary shares. This approval pertains to the convertible debt securities, known as Sukuk, issued by the company.

The authorization was granted under Section 83 (1)(b) of the Companies Act, 2017, along with the Companies (Further Issue of Shares) Regulations, 2020, and the Issuance of Convertible Debt Securities through Right Offer Regulations, 2022. This move allows the company to issue shares amounting to Rs. 1.20 billion through a mechanism other than the right offer to existing Sukuk holders, who have the option to convert their Sukuk into ordinary shares.

According to information available from the Pakistan Stock Exchange (PSX), this development is significant for Ghani Global Glass Limited as it facilitates the conversion process for Sukuk holders, streamlining the company's capital structure. The move aligns with the regulatory framework set by Pakistani authorities to promote flexibility in corporate finance.

The company's decision to expand its share capital through Sukuk conversion exemplifies the ongoing financial strategies that corporations in the region are employing to optimize their capital resources. This issuance is expected to impact market dynamics within the designated market category of the Pakistan Stock Exchange. Stakeholders have been informed to update their records in line with this announcement.