KARACHI: Pakistan State Oil (PSO) has decided to accept the right shares offered by Pakistan Refinery (PRL), in order to maintain its percentage shareholding in the refinery.

According to the annual report of PRL for the year ended June 30, 2014, PSO holds 21m shares in PRL which account for overwhelming 60 per cent of the refinery’s aggregate paid-up stock at 35m.

PSO said in a filing with the stock exchange on Monday that the managing director had taken the decision to accept the rights offer since a notification of the Ministry of Petroleum and Natural Resources (MPNR) (dated Feb 2, 2015) had dissolved the Board of Management and vested powers and functions of the board in the MD till a new board was appointed by the government.

PRL had made a right issue of 280 million ordinary shares of Rs10 per share in proportion of eight right shares for every one ordinary share held (at 800pc).

The right issue was expected to generate Rs2.80bn.

The refinery decided for a right issue to raise funds to increase the firm’s equity and meet working capital requirements.

Last date for payment/renunciation of PRL right shares is June 16.

Other than that, Treet Corporation informed the exchange that its subsidiary, First Treet Manufacturing Modaraba, had acquired 40 acres in Faisalabad and the land would be used for ‘Lead Acid Batteries Projects’.

A notice by the stock exchange informed investors that the Bank Al Habib (BAHL) and Gul Ahmed Textile Mills (GATM) were excluded from the list of eligible securities for trading in deliverable futures and cash settled futures contracts.

Published in Dawn, June 9th, 2015

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