PECO will raise Rs 284 million through rights issue
Listen to the article Islamabad: The Board of Directors of Pakistan Engineering Company Limited (PECO) has decided to issue shares to existing shareholders to raise Rs 284.5 million to meet the company’s funding requirements, blaming the former managing director (MD) for the current financial crisis. In a press statement and announcement to the Pakistan Stock Exchange (PSX), the board announced its decision to issue rights at a price significantly lower than PECO’s market value. Listed PECO’s board also approved five-year arrears of financial accounts, which will be presented for approval at a general meeting of shareholders scheduled for February 17,
