Karachi: Secure Logistic Group Limited announced a significant increase in its authorized capital, raising it from PKR 2.75 billion to PKR 4.25 billion, according to an official certification issued by the company. This financial restructuring was enacted following the approval of a special resolution dated March 28, 2025, and was officially recorded on May 19, 2025. This move comes as part of the company's strategic efforts to enhance its capital base and accommodate future growth.
The company's revised paid-up capital now stands at PKR 4.18 billion, divided into 417,576,096 ordinary shares, each valued at PKR 10. The move was necessitated by the Scheme of Arrangements, a pivotal component of Secure Logistic Group Limited's capital restructuring plan.
The Islamabad High Court played a crucial role in this development. Orders dated February 27, 2025, and May 5, 2025, confirmed the company's compliance with Sections 282 and 284 of the Companies Act 2017. The court orders further validated that creditors convened on March 27, 2025, had voted in favor of the Scheme of Arrangement, thereby granting their consent to the proposed capital increase.
According to information available from the Pakistan Stock Exchange (PSX), Secure Logistic Group Limited has successfully fulfilled all requirements related to the allotment of securities in the name of the Central Depository Company (CDC). The company's adherence to the conditions imposed by the Islamabad High Court was confirmed by both initial and final court orders, dated February 27, 2025, and May 5, 2025, respectively.
As part of the Scheme of Arrangement, all moveable and immovable assets associated with the issuance of securities will be transferred to the transferee company. However, this transfer does not involve the exchange of securities for cash but rather a share-for-share transfer, as stipulated in the scheme.
This certification was issued at the special request of Secure Logistic Group Limited, marking a pivotal moment in the company's financial strategy. The designated market category for this development is the Pakistan Stock Exchange.