Karachi, Secure Logistics Group Limited has officially announced a significant pre-payment of debts following its recent initial public offering. This strategic financial move involves a major portion of the funds raised through the IPO process.
The company disclosed that out of the total equity capital raised amounting to Rs1,184,893,183, a substantial sum of Rs981,203,671, which represents 82.8% of the pre-IPO and IPO proceeds, has been allocated to settle various debt obligations. This action has led to a new proforma debt/equity ratio of 10.77%. It is estimated that this will result in a savings of approximately Rs132,233,458 in mark-up costs by the end of December 2024, equating to an earnings per share impact of Rs0.48.
In addition to the debt repayment, Secure Logistics Group has outlined the status of several key projects and commitments that were part of the IPO prospectus. These include the complete repayment of senior and subordinate debts, with substantial amounts paid out as per the commitments made before the IPO. The projects that are still pending range from the acquisition of distribution vehicles to upgrades in regional transportation infrastructure and technology systems, including software and hardware investments.
The Pakistan Stock Exchange is expected to circulate this information to all relevant stakeholders and prospective shareholders by posting the details on the Notice Board and through notifications on the automated information system. These disclosures align with the regulatory requirements and are intended to keep the investment community informed about the company's post-IPO financial and operational strategies.