Al-Shaheer Corporation decide to increase share capital by Rs 1bn

Pakistan’s meat exporter Al-Shaheer Corporation Limited has decided to increase its share capital by Rs 1 billion, by creating 100 million new ordinary shares.

“In its meeting held on November 16 2020 the board of directors of Al Shaheer Corporation Limited has decided to recommend an increase of authorised share capital of the company from Rs 2,000,000,000 divided into to 200 million ordinary shares of Rs 10 each, to Rs 3,000,000,000 divided into 300 million ordinary shares of Rs 10 each, by creating hundred million new ordinary shares and in that connection to call an Extraordinary General Meeting to make the necessary amendments to the memorandum and articles of association of the company,” said the company in its filing to the bourse on Tuesday.

The company was set up in 2012 and was soon after listed on the Pakistan Stock Exchange (PSX). It is in the business of trading different kinds of meat- goat, cow, fish. Although it is present in the local market, a majority of its revenue is generated through the export sales. Some of the major export destinations are concentrated in the Middle East including Dubai, Saudi Arabia, Oman, Kuwait, Bahrain and Qatar, whereas in the local market, the company is present in the three big cities of Karachi, Lahore and Islamabad.

The company sells through its own retail stores, but it also has stores within supermarkets as well