Lahore: Ghani Chemical Industries Limited (GCIL) has announced a significant move in its strategic operations with the proposed issuance of Class B Tracking Shares and the formation of a Limited Liability Partnership, as disclosed in the company's board meeting held on September 14, 2026. The board has recommended a right issue to shareholders and is planning to form a new entity to further its gas-conversion projects.

The board has proposed issuing up to 116,374,900 Class B Tracking Shares at an issue price of PKR 10.00 per share. This issuance, aggregating up to PKR 1.163 billion, represents approximately 20.40% of the existing issued and paid-up ordinary share capital. The entitlement ratio is expected to be approximately 204.00 Class B Tracking Shares for every 1,000 ordinary shares held. This proposal is part of a composite transaction that requires shareholder approval for several amendments to the company's Memorandum and Articles of Association, as well as compliance with sections 199, 183, and 208 of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the issuance of these shares is contingent upon receiving the necessary approvals, including shareholder, statutory, and regulatory consent. The company plans to utilize the funds from this right issue to support the Sono Lashari, Jandran, and Maiwand gas projects, which are integral parts of the Project Silo.

The company is also preparing to hold an Extraordinary General Meeting (EOGM) on October 10, 2026, in Lahore to seek approval for these decisions. Share transfer books will be closed from October 03, 2026, to October 10, 2026, to facilitate the process.

In another decisive move, GCIL plans to establish a Limited Liability Partnership named "G3 Oil & Gas Conversion LLP," in which it will hold an 84% partnership interest. The company intends to contribute up to PKR 2.014 billion to this new partnership, which will focus on developing and operating the gas-conversion business associated with the identified projects.

These strategic initiatives are aimed at enhancing the company's position within the market and expanding its operational capabilities in the energy sector.