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HIGH Source:
Pakistan Deaths
Pakistan Cases
3.61% positivity

ISLAMABAD: A corporate revival business plan of a company is aiming to raise $15 million funds through the issue of about 1,500 percent right shares.

Industry sources told Business Recorder Monday that as a sign of increased capital market fundraising activity in Pakistan, a corporate revival plan is aiming to raise $15 million funds through the issue of about 1,500 percent right shares.

The funds will be used for investment in the setting up of two manufacturing plants; one for super capacitor green energy storage devices and the other for a calcium carbide chemical plant.

Both of these industrial ventures would be the first of their kind in the country and result in diversification of industrial base in Pakistan.

The company, presently named as Service Fabrics, had recently been given a fresh life by the Lahore High Court (LHC), after the company's shareholders had approved a revival business plan, which enabled the court to toss up the winding-up proceedings having been initiated by the country's corporate watchdog during 2016.

The company is in the process of changing its name to G3 Technologies with a revised object and memorandum.

According to the market plan, the leftover right shares shall also be funded by Ghani Global group, which is already a leader in the production of industrial and medical gases and the manufacturing of medical purpose glass tubes and vials in Pakistan.

Both of these industries have hugely benefitted from the increased healthcare spending during the coronavirus pandemic.

The move for revival of the company was spearheaded by Aftab Ahmad Chaudhry, a capital market veteran, who largely works for the restructuring of the troubled listed companies, so that the shareholders can extract maximum benefit from the value-creation opportunities in the process.

According to Aftab Ahmad Chaudhry, there are about 122 companies or about 20 percent of the total listed universe on the defaulter counter of the country's bourse, which need revival of various kinds.

The start of production of the Super Capacitors (SC) in Pakistan shall be a welcome respite for the domestic electricity consumers whose lives and businesses have been badly affected by frequent power outages and increasing energy prices in the country.

The SCs are hybrids of batteries and standard capacitors, having higher energy density and longer lifespan as they can go through one million charge cycles as compared to standard lead-acid batteries that withstand only about 1,000 charge cycles.

The indigenization of the SCs would enable their usage for the back-up energy storage purposes in critical industries such as aviation, defence, medical and cellular entities, grid stations, manufacturing plants and mobile tower stations etc, besides the household consumers.

On the other hand, the country meets its 100 percent demand of calcium carbide from foreign sources, mainly China, and incurs an import bill of about $ 12-15 million annually.

The Company sponsors believe that localisation of production would not only help the country to save precious FE (foreign exchange) but would also enable in the creation of an export potential worth US$ 3-5Mn annually.

The calcium carbide and its by-products are used in the manufacturing of acetylene, iron, steel, ductile steel, alloys, welding material, and cutting metals.

Copyright Business Recorder, 2021


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