KARACHI: The Board of Directors of Sui Southern Gas Company Limited (SSGCL) has approved the resolutions that the conversion of status of SSGC LPG (Private) Limited from Private Limited to Public Limited Company be and is hereby considered and approved for the purpose of initiating the process of issuance of 33,333,333 Ordinary Shares of the converted Company by Initial Public Offer (IPO) at any time in future, as deemed appropriate.

The SSGC board also approved that authorization to designate management/ office(s) of the Company to undertake all requisite steps for future listing at the Pakistan Stock Exchange Limited (PSX) by the Board of SSGC LPG (Private) Limited, be and is hereby approved, subject to the compliances under the provisions of the Companies Act, 2017, relevant Rules, Regulations of the SECP and the Listing Regulations of the Exchange, material information sent to Pakistan Stock Exchange on Wednesday said.

The board further approved that the Company Secretary/ Deputy Managing Director (DMD, F&A) / CFO of the Company singly and / or jointly be and are hereby authorized to communicate formal disclosure to relevant regulatory bodies with effect to the foregoing resolutions, it added.

Copyright Business Recorder, 2023