Mughal Energy Limited to Issue Sukuk Worth Rs. 2.5 Billion 

The Board of Directors of Mughal Energy Limited (PSX: GEMMEL) has approved the amendments to the terms/structure of the Sukuk Issue of Rs. 2.500 billion.  The company informed the Pakistan Stock Exchange (PSX) on Monday that the Sukuk will now be issued to the existing shareholders of the company, by way of right, along with conversion option, to convert the Sukuk into the ordinary shares of the company.   The requisite approval of the members, in terms of section 83(1)(b) of the Companies Act, 2017 for further issue of share capital in relation to conversion of convertible debt securities to share capital as required under the Issuance of Convertible Debt Securities through Right Offer Regulations, 2022 will be taken in due course of time, the notice added.  Calling and holding of Extra Ordinary General Meeting of the company on January 01, 2025, it said.