Latest news with #EOGM
Business Recorder
15-07-2025
- Business
- Business Recorder
IHC suspends earlier order directing TRG Pakistan to hold elections
TRG Pakistan Limited (TRG) informed that the Islamabad High Court (IHC) has issued an interim order suspending its earlier judgment. The development, announced by TRG in its notice to the Pakistan Stock Exchange (PSX) on Monday, stems from a writ petition filed by a shareholder holding 55,000 shares (0.01%) of TRG Pakistan against the Securities and Exchange Commission of Pakistan (SECP), TRG Pakistan, and others. The petitioner sought a directive for the company to hold board elections. In this respect, the IHC passed an order on June 30, 2025, directing the SECP to invoke its powers under Section 147 of the Companies Act, 2017 and call an Extraordinary General Meeting (EOGM) of TRG Pakistan to conduct elections per law. At the time, TRG Pakistan stated that the 'order has several shortcomings and irregularities, and is in the process of filing an Intra-Court Appeal (ICA) in the Islamabad High Court'. Subsequently, TRG Pakistan Limited on Monday confirmed that it has received a certified copy on July 12, 2025, of an order passed by the IHC related to an intra-court appeal filed against the ruling in Writ Petition No. 2337 of 2025. 'The Islamabad High Court has taken cognisance of the matter, issued notices and passed an interim order suspending the operation of the impugned judgement in Writ Petition No. 2337 of 2025 till the next date of hearing,' read the notice. At the time of filing this story, TRG's share price was hovering at Rs57.95, a loss of Re0.12 or 0.21%. Earlier this month, the Supreme Court of Pakistan ordered a status quo on a Sindh High Court (SHC) ruling in favour of former TRG Pakistan CEO Zia Chishti. The SHC had issued a ruling on June 20, 2025, abating a $53 million tender by TRG Pakistan's largest shareholder, Greentree Holdings, as well as annulling Greentree's shareholding and ordering elections. Greentree subsequently appealed the ruling at the apex court, which led to an interim order asking all parties to maintain the status quo.
Business Recorder
02-05-2025
- Business
- Business Recorder
Thatta Cement plans 5-for-1 stock split to broaden investor base
Thatta Cement Company Limited (THCCL) has informed the exchange that its Board of Directors (BoD) has proposed the sub-division of equity shares subject to shareholder approval. 'The board has recommended the sub-division of the company's ordinary shares by reducing the face value from Rs10 to Rs2 per share. This implies a stock split in the ratio of 5 shares for every 1 share held,' read the notice released to the bourse on Friday. A subdivision of shares, also known as a share split, is a corporate action that increases the number of shares while decreasing the share price. The overall value of the company and the value of each shareholder's investment remain unchanged. Stock split: Lucky Cement approves sub division to enhance investor participation THCCL, in its notice to the bourse, shared that the primary objective of the stock split is to make the company's shares more accessible and affordable for small and retail investors, thereby broadening the investor base. 'The move is also expected to enhance market liquidity through increased trading volumes. 'Furthermore, this decision signifies the company's confidence in its long-term growth trajectory, supported by a notable rise in its share price over the past year. 'Overall, the initiative aims to encourage greater investor participation and reinforce Thatta Cement's presence in the equity market,' it added. The cement maker informed that once approved at the Extraordinary General Meeting (EOGM), the company's existing subscribed and paid-up capital, currently comprising 99,718,125 ordinary shares of Rs10 each, will be split into 498,590,625 ordinary shares of Rs2 each. 'As a result, eligible shareholders will receive 5 ordinary shares for every 1 share held, at the date of determination,' it concluded.
