Karachi: Power Cement Limited has successfully completed the conversion of 101,000 voting, cumulative, convertible preference shares into 134.66 million ordinary shares at PKR 10 each during the period from October 18, 2023, to July 18, 2024. This massive restructuring was approved by shareholders on June 20, 2020, under the terms and conditions set out in Articles of Association and was verified by statutory auditors, A.F. Ferguson and Co.

According to information available from the Pakistan Stock Exchange (PSX), this conversion affects a significant portion of the company's stock structure. Prior to the conversion, the number of ordinary shares stood at 1.11 billion, with preference shares at 208.23 million. Post-conversion, these figures have shifted dramatically to 1.18 billion ordinary shares, effectively diluting the preference shares entirely as their number now stands at zero.

The process was meticulously validated through various documents including transactional statements from the Central Depository Company (CDC), and extracts of special resolutions from the company's extraordinary general meeting. No payment was made to preference shareholders in lieu of this conversion, aligning with the company's strategic financial planning.

This transformation is part of Power Cement’s ongoing efforts to streamline its share structure and enhance liquidity, which is crucial for its operational and strategic flexibility moving forward.