KARACHI, June 27: The Karachi Stock Exchange has received Rs5.466 billion, against the right issue of shares that was approved by the Board on February 20.
Statutory auditors of the company confirmed on Wednesday that after verification of bank statements and books and records of KESC, the following were received by the company against the right issue: From KES Limited (holding company) Rs5.346 billion (72.70 per cent of the offer); from minority shareholders (excluding unsubscribed portion Rs19 million), making a total of Rs5.365 billion against the offer of shares valued at Rs5.466 billion. Therefore, the unsubscribed portion of minority right shares in the sum of Rs102 million have been subscribed by the KES Power Limited.
The statutory auditors of KESC further confirmed that as per the un-audited financial statements of the company as at half year ended Dec 31, 2011, the company's paid-up capital (ordinary shares) stood at Rs79.715 billion.
"This paid-up capital is net of transaction cost of Rs204 million and represent 23 billion shares of Rs3.50 each," auditors said, adding that it did not include the subscription money of Rs5.466 billion received against right issue of shares.
Based on the subscription amounts for the right issue of shares, the enhanced paid-up capital of the company would be Rs85.127 billion. This paid-up capital will be net of transaction cost of Rs257 million. The auditors stated: "The above is as per the decision of the board of directors meeting held on Feb 20, whereby a 9.20 per cent right issue was approved. This would result in total of 24.396 billion ordinary shares of Rs3.50 each (excluding the government shares in the current right issue). The auditors concluded: "Further we have been given to understand by the management of the company that KESC is in process of issuing right shares, subject to completion of necessary regulatory formalities."
At another place, it has been mentioned that a letter of undertaking (has been received) from the government to subscribe for its portion of the right shares (25.66 per cent).
Aisha Steel IPO Aisha Steel Mills Ltd (ASML), is scheduled to float 10 million shares on July 3 and 4.
The company is stated to be the largest CRC Mill in the country, which would cater to over 50 per cent of the annual market demand.
A press release by the company stated that the company had conducted site visit of institutional and high net worth individuals on Tuesday.
ASML is a joint venture between Arif Habib Group, Metal One Corporation; Japan (a subsidiary of Mitsubishi Group) and UMC Japan. The company was incorporated in 2005 and is a state of the art cold rolled coil (CRC) steel mill in Pakistan based on Japanese technology.
Project cost amounts to Rs9.38 billion which has been financed by debt equity ratio of 65:35. All the plant and machinery has been installed and trial production has already commenced, the company stated.
Aisha Steel is now in the process of being listed through its Offer for Sale Transaction (OFS) by offering 10 million shares to the General Public at par value of Rs10 per share. The Pre-IPO portion amounting to Rs234 million of this transaction achieved financial close in April 2012 and was said to have received good response from the financial sector.