Karachi, Pak Elektron Limited informed Pakistan Stock Exchange Management of the Company is responsible for maintenance of adequate records pertaining to pertaining to issue and allotment of ordinary shares and for such internal controls as are necessary to keep these records free from material misstatement, whether due to fraud or error.
Their responsibility is to confirm the number of right ordinary shares subscribed by the Directors, Sponsors and Substantial Shareholders of the Company and receipt of subscription money there against, in accordance with the Guidelines for Issue of Certificates for Special Purposes by Practicing Chartered Accountant Firms’ issued by the Institute of Chartered Accountants of Pakistan. Our verification was limited to the procedures as mentioned below:
a. Review of extracts of Board Resolution passed by the Company’s Board of Directors on 07 February 2022 for issue for right ordinary shares;
b. Review of circular issued under section 83(3) of Companies Act, 2017;
c. Examination of Right Register and recalculation of right entitlement of each subscriber; and
d. Examination of general ledgers and bank statements to verify receipt of subscription money.
Pak Elektron Limited (PEL) was incorporated in Pakistan on March 3, 1956 as a public limited company. The principal activity of the company is manufacturing and sale of electrical capital goods and domestic appliances. The company is organized in two divisions – Power and Appliances.
In 1978, PEL was acquired by Saigol Group and was taken public a decade later. Over the years, PEL has formed alliances with several international giants, including General Electric, Fujitsu, and Hitachi.
The total number of share of the Company are 497,681,485. The Earnings per shares is 0.36 in 2020 which was 0.27 in 2019. The Profit After Taxation is 223,849,000 in 2020 which was 177,842,000 in 2019.