Islamabad, Aug 7: At the extraordinary general meeting on August 27, 2024, Dewan Farooque Motors Limited (PSX: DFML) is expected to approve the conversion of outstanding loans from Sponsor and Associated Company Dewan Motors (Private) Limited into equity.
According to DFML’s announcement to the main market on Wednesday, the conversions would necessitate the further issuing of shares other than rights to the Sponsor and Associated Company under Section 83 of the Companies Act 2017. In the event that the resolution is approved, the business will issue 161 million common shares at a price of Rs. 10/-each, for a total of Rs. 1.61 billion in other than rights.
On December 28, 1998, Dewan Farooque Motors Limited was established as a public limited company in Pakistan. Assembling, producing, and selling automobiles in Pakistan is the company’s main business.DFML’s shares on the market were trading at Rs. 42.17 at the time of reporting, up 0.62 percent or Rs. 0.26 with 3.8 million shares on Wednesday.
