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KESC to issue right share to finance power generation
Monday, 15 Jun, 2009 6:17 pm
KARACHI : Karachi Electric Supply Company (KESC) will issue 4.081 billion right shares at Rs 3.5 per share to generate Rs 14.286 billion to partly finance equity component of new generation projects and capital requirements.
According to a communique to KSE here Monday, KESC said that this fund will be utilized for augmenting and expansion of dilapidated transmission and distribution network and system improvement and loss reduction projects.
This will improve operational and financial viability and profitability of the company.
It will also reduce financing cost and positively contribute to future financial results of KESC.
The right shares will be offered to ordinary share holders at the rate 31 percent of their existing shareholding in the company.
Copyright APP (Associated Press of Pakistan), 2009
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