KARACHI, Feb 18: The board of directors of Karachi Electric Supply Corporation approved on Saturday the financial results for six months to end-December 2001, posting an after tax loss of Rs8,691 million.

The loss was higher by 4.4 per cent over taxed loss amounting to Rs8,323 million in the corresponding period of last year. The loss for the latest period went to increase the utility’s accumulated deficit to Rs57,281 million.

The KESC board also approved the issue of 1,783 million shares of Rs10 each to the government in exchange for ‘full & final settlement of GoP subordinated loan and KESC debt-servicing liabilities totalling Rs17,834.56 million (GoP subordinated loan of Rs9,575 million and KESC debt-servicing liabilities Rs8,260 million). The equity-for-debt swap would raise KESC’s existing paid-up capital of Rs4,828 million to Rs22,662 million.

SECP has given its approval to the conversion of loan into equity without issue of right shares.