Al-Shaheer Corporation Limited – a meat exporter company listed on the Pakistan Stock Exchange (PSX) – has decided to increase its share capital by Rs. 1 billion.
In a letter issued to the PSX on Monday, the company announced that it would be increasing the share capital by creating 100 million new ordinary shares, worth Rs. 10 each.
“In its meeting held on November 16, 2020, the Board of Directors of Al Shaheer Corporation Limited has decided to recommend an increase of authorized share capital of the company from Rs. 2,000,000,000 divided into 200 million ordinary shares of Rs. 10 each, to Rs. 3,000,000,000 divided into 300 million ordinary shares of Rs. 10 each, by creating hundred million new ordinary shares and in that connection to call an Extraordinary General Meeting to make the necessary amendments to the memorandum and articles of association of the company,” said the company’s statement filing to the bourse.
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Al-Shaheer Corporation was set up in 2012 and was soon listed on the PSX. The company operates in trading different kinds of meat such as goat, cow, and fish. The company has retail stores across the country, as well as stalls within supermarkets. However, a major portion of the company’s revenues come from export sales.
Some of the major export destinations are concentrated in the Middle East including Dubai, Saudi Arabia, Oman, Kuwait, Bahrain, and Qatar. whereas in the local market, the company is present in the three big cities of Karachi, Lahore, and Islamabad.
