Karachi: Pak Elektron Limited has announced the closure of its share transfer books for the conversion of its Preference Shares (PELPS) into Ordinary Shares. This closure will take place from February 6, 2025, to February 7, 2025, as part of a strategic move to convert the entire remaining capital of preference shares into ordinary shares.

The decision to convert the preference shares was made following the advice of the shareholders of Pak Elektron Limited Preference Shares, in accordance with clause 14 of the Articles of the Company. This conversion aims to streamline the company’s shareholding structure and enhance its market attractiveness.

The paid-up capital of the preference shares currently stands at a total of 44.96 million shares, with 36.69 million shares held in the Central Depository Company (CDC) and 8.26 million shares in physical form. This transition is expected to impact the designated market category significantly by integrating these shares fully into the ordinary shares category.

According to information available from the Pakistan Stock Exchange (PSX), this move is a pivotal development for Pak Elektron Limited, as it marks a significant step in aligning the company’s financial strategies with shareholder interests and market expectations.

Stakeholders and TRE Certificate Holders of the Exchange are advised to take note of this development and prepare for the anticipated changes in the shareholding pattern due to this conversion. This initiative reflects Pak Elektron Limited's commitment to optimizing its capital structure and enhancing shareholder value.