The Board of Directors of the Company, in their meeting held on August 17, 2015 approved the issue 152,657,065 ordinary shares by way of right issue at the rate of 20 right shares for every 100 existing ordinary shares at Par value of Rs. 10/- per share. The entire process of allotment of right shares was completed by November 30, 2015.

Pursuant to the proposal of the Board of Directors of the Company in their meeting held on August 20, 2014 to issue 114,492,798 (15%) right shares as non-voting, non-participatory, cumulative, transferable and redeemable or convertible Class “A” Preference Shares of PKR 10 each to the existing ordinary shareholders of the Company by way of rights, the shareholders of the Company in their Extraordinary General Meeting held on September 19, 2014 through special resolution have approved the issuance of aforesaid preference shares subject to the approval of the Securities and Exchange Commission of Pakistan (SECP). Accordingly, the Company has applied to SECP for approval of the same. However, the Company has received the order of Honourable High Court of Sindh wherein, the SECP has been restrained from permitting the Company from approving the issuance of Class “A” Preference Shares.