KARACHI: Shifa International Hospitals Ltd informed the stock exchange that its board had recommended issue of 12 per cent company shares to the International Finance Corporation (IFC).

This would amount to around 7.44 million shares of Rs10 each to be issued otherwise than right shares under section 83(1)(b) of the Companies Act, 2017, on fully diluted basis, being the percentage immediately following investment, at a price determined at the closing market price per share.

“This price will be subject to price adjustment option which the company may exercise during the option period under the agreement with IFC”, Shifa announced. Extraordinary meeting would be held on Apr 29 to seek shareholders approval.

Published in Dawn, April 5th, 2019