Lahore: The Board of Directors of Mughal Energy Limited convened on November 25, 2024, in Lahore, announcing key decisions including the approval of amendments to a significant Sukuk issue and the finalization of details for the upcoming election of directors.

The board has set the number of elected directors at seven in accordance with the Companies Act, 2017, for the election scheduled for January 1, 2025. Additionally, modifications to the structure of the Sukuk issue, valued at 2.500 billion rupees, have been approved. The Sukuk will now be offered to existing shareholders through a rights issue, including an option for conversion into ordinary shares of the company. Necessary member approvals for the conversion of these convertible debt securities, as required under the Issuance of Convertible Debt Securities through Right Offer Regulations, 2022, are to be sought in due time.

The board also proposed amendments to the Articles of Association of the Company, subject to member approval. An Extra Ordinary General Meeting (EOGM) is scheduled for January 1, 2025, to deliberate on these matters. According to information available from the Pakistan Stock Exchange (PSX), the share transfer books for both Ordinary and Class-B shares will be closed from December 24, 2024, to January 1, 2025. Transfers completed by December 23, 2024, will be eligible for participation and voting at the EOGM.

Notice regarding the EOGM will be disseminated separately via PUCARS, as stated by the company.