The Karachi Stock Exchange (Guarantee) Limited’s application for issuing of ordinary shares at 60% discount otherwise than right under section 86 (1) and 84 of the companies ordinance, 1984 (“ordinance”) by Balochistan Glass Limited (“Company”)

Karachi, July 25, 2012 (PPI-OT): Please refer to your application dated March 09, 2012 and subsequent correspondence on the captioned subject for seeking approval to raise paid up capital of the Company by issuing 83,800,000 ordinary shares of Rs. 10 each at 60% discount i.e. @ Rs. 4/- per share otherwise than right to Mr. Muhammad Tausif Paracha, Director of Company, against his outstanding loan amounting to Rs. 343.2 million under Section 84 (2) and 86 (1) of the Ordinance.

In consideration of the submission made in your aforesaid application, I am directed to inform you that your request for approval related to the aforesaid matter has been allowed, subject to the following conditions:

(i) That shares allotted at discount pursuant to the approval shall not be disposed of by allottee for a period of three years from allotment;

(ii)The Company will account for discount on issue of share in accordance with the requirements of International Financial Reporting Standards;

(iii) Furthermore, it may be noted that the aforesaid approval is without prejudice to the relevant requirements of Listed Companies (Substantial Acquisitions of Voting Shares and Take-Overs) Ordinance, 2002 and regulation made there under, if applicable on the acquirers.

For more information, Contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk