FFCRights Issue of AKBL will wipe out FFC and FFBL earning

An annual financial result of AKBL announces 5.76 Rs loss per share and Rights Issue of AKBL is 55% at PkR 10. Current capital is 813m shares. FFC has around 43.1% holding and FFBL has around 22% holding in AKBL. The total Rights issue comes to PkR 4.47bn (PkR 8.13bn * 0.55).

This means FFC has to subscribe right shares worth PkR 1.9bn and FFBL has to subscribe right shares worth PkR 1bn. FFBL is already leveraged and will have to raise more funds to subscribe to this right issue.

 

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