Quetta: In a strategic move, Baluchistan Glass Limited has resolved to significantly increase its paid-up capital, a decision that was finalized during the Extraordinary General Meeting held at noon on September 18, 2024, at the company's registered office in H.I.T.E Hub, Lasbela, Baluchistan.

The company's shareholders have approved the issuance of additional 376,912,057 ordinary shares, each valued at PKR 10, effectively increasing the paid-up capital from PKR 2.62 billion to PKR 6.39 billion. This issuance is directed towards M/s MMM Holding (Private) Limited, which has already infused PKR 3.77 billion into the company as a loan.

According to information available from the Pakistan Stock Exchange (PSX), this substantial capital infusion aims to bolster the company’s financial stability and fund further growth initiatives. The newly issued shares will rank pari passu with the existing shares, ensuring that the new shareholder enjoys similar rights and entitlements.

The resolution also includes provisions for the necessary regulatory approvals, including those from the Securities and Exchange Commission of Pakistan (SECP), underlining the company’s commitment to compliance and due diligence. The meeting empowered the CEO, any company director, or the company secretary to undertake necessary actions to facilitate this share issuance.

This move is part of Baluchistan Glass Limited’s broader strategy to enhance its financial leverage and expand its operational capacity without offering rights shares to current shareholders. The resolution also allows for adjustments suggested by the SECP or any other regulatory authority to be incorporated seamlessly into the agreement.

The authorized persons have been further empowered to handle all matters related to the issuance, including engaging legal advisors, filing applications, and executing necessary documents, ensuring a comprehensive approach to the capital increase initiative.