Karachi, Image Pakistan Limited has made a significant announcement regarding the issuance of further capital. In a meeting held on January 19, 2024, the Board of Directors approved the issue of 98,729,850 ordinary shares. The shares will be offered at a price of PKR 10/- each, in a ratio of 75 right shares for every 100 existing ordinary shares. This move will aggregate to a total of PKR 987,298,500/-.

The company's decision to increase its paid-up capital from Rs. 1,316,398,000/- to Rs. 2,303,696,500/- by issuing these additional shares is in accordance with the provisions of Section 83 of the Companies Act, 2017, and other applicable laws. The shares issued in this right issue will rank pari passu in all respects with the existing ordinary shares of the company.

To facilitate this right issue, the Share Transfer Books of Image Pakistan Limited will be closed from January 26, 2024, to January 29, 2024. This closure is to determine the entitlements of the shareholders for the right shares. Transfers received at the company’s share registrar, Hameed Majeed Associates (Pvt) Limited, by the close of business on February 1, 2024, will be eligible for the entitlement of the right issue.

This strategic move by Image Pakistan Limited to enhance its capital structure is a critical development for the company. It represents a significant step towards strengthening the company's financial base and providing shareholders with an opportunity to increase their investment in the company. The issuance of right shares is often seen as a positive step for companies looking to expand or consolidate their market position.

Investors and market analysts will closely follow this development, as it could have implications for the company's future growth and financial stability. The decision reflects Image Pakistan Limited's commitment to leveraging financial strategies to support its long-term objectives.