Agha Steel Industries Board Approves Direct Issue of 100 Million Preference Shares to Strategic Investors and Directors.

Karachi -- Agha Steel Industries Limited convened a pivotal meeting of its Board of Directors on September 25, 2023, in Karachi. During the meeting, the Board of Directors passed a significant resolution aimed at strengthening the company's capital base and furthering its strategic goals.

Direct Issue of Preference Shares:

Subject to obtaining all requisite corporate and regulatory approvals, Agha Steel Industries Limited is set to authorize the issuance of 100,000,000 (One Hundred Million) preference shares, each with a face value of PKR 10/- (Pak Rupees Ten). These preference shares, known as the "Preference Shares," will carry differential rights and privileges.

The issuance of these Preference Shares will be directed towards specific existing shareholders and directors of the company, namely Mr. Raza Iqbal Agha and Mr. Hussain Iqbal Agha. Additionally, certain strategic investors, including Ms. Natasha Iqbal, Mr. Saad Iqbal, and Mr. Danish Iqbal, have expressed their interest in subscribing to these Preference Shares.

The subscription price for these Preference Shares has been set at PKR 10/- (Pak Rupees Ten) each, aggregating up to PKR 1,000,000,000/- (Pak Rupees One Billion). This issuance will not take the form of a right...

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