1.We have to inform you that the Board of Directors of our Company in their meeting, held at FFBL Tower, DHA-11, Islamabad on 26 January 2022, recommended the following:-
2. The Financial Results of the Company for the year ended 31 December 2021, comprising of Profit & Loss Accounts (Unconsolidated as Annex-A and Consolidated as Annex-B) are attached.
3. Pursuant to Section 96 of the Securities Act, 2015 read with Clauses 5.6.1 and 5.8 of the Rule Book of Pakistan Sock Exchange Limited, we write to disclose that on 26 January 2022, the Board of Directors of Fauji Fertilizer Bin Qasim Limited ("Company") held its meeting and decided that the Company be and is hereby authorized to:
3.1. (a) Subject to approval by special resolution of the shareholders, renew, roll over and extend
the time for repayment of markup accrued on its investment previously made by the Company in Fauji Foods Limited ("FFL") so as to renew, roll over and extend the time for repayment of mark-up of PKR 708,749,801 for a further period of one (1) year, accrued on the subordinated loans of FFL (the principal amounts of which have already been converted into equity);
(b) Convert, as and when the Board of the Company deems fit, the accrued mark-up into fully
paid-up ordinary shares of FFL (at a price to be determined by the Board) of the corresponding value, to be issued by FFL to the Company; and
3.2. Further to the approvals previously granted by the shareholders of the Company, the Company be and is hereby authorized to exercise its option to convert the subordinated shareholder
oans of Rs. 7 billion, granted by the Company to Fauji Meat Limited ("FML") (together with mark-up accruing thereon till the date of allotment), into ordinary shares (of PKR 10 per share, i.e. at par value) of FML of the corresponding value.
Earnings per share - basic and diluted (Rupees) 4.96
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