Karachi: Bawany Air Products Limited has announced a major strategic shift by increasing its authorized capital from PKR 150.00 million to PKR 12.10 billion. The company has signed a share purchase agreement to acquire 100% shareholding in Alman Seyyam Sugar Mill (Pvt.) Ltd. (ASSML) from its sponsor shareholders for PKR 12.00 billion. Additionally, Bawany Air Products Limited plans to issue 600.00 million shares to the shareholders of ASSML at a face value of PKR 10.00 per share, subject to the approval of the Securities and Exchange Commission of Pakistan (SECP). The company intends to complete the balance payment within two years.

According to information available from the Pakistan Stock Exchange (PSX), Bawany Air Products will issue Right Shares to its existing shareholders. The Rights issue will be in the proportion of approximately 7,997.32 Right Shares for every 100 ordinary shares held, representing approximately 7,997.32%, at a price of PKR 10.00 per share, subject to all applicable laws and regulatory compliances.

Additionally, Bawany Air Products Limited has amended its principal business clause to shift its focus from manufacturing to investments in shares, stocks, and other securities. The company will apply to the Pakistan Stock Exchange (PSX) for removal from the non-compliant sector after fulfilling all regulatory requirements.

These decisions mark a significant strategic shift in the company's business operations.