Ghani Chemical Industries Limited, listed on the Pakistan Stock Exchange under the ticker GCIL, has approved an investment of up to Rs2.01 billion in three gas projects as part of its expansion and financing plans. The approved investments cover the Bono Lashari, Jandran and Maiwand gas projects, with funding intended to support their development, execution, implementation, commissioning and operation. The decisions were approved by shareholders at an extraordinary general meeting held on October 10, 2026. The company has also approved the issuance of a new class of shares to eligible existing shareholders to help finance the proposed investment.
According to the approved resolutions, the total project funding will comprise approximately Rs850 million from the company’s internal funds and Rs1.16 billion through a proposed share issue. This financing structure is intended to combine resources available within the company with additional equity raised from shareholders. The allocation of funds will support the three projects as they progress through the required development and operational stages. The approvals establish the proposed funding framework, while implementation remains subject to the applicable legal and regulatory requirements.
To raise part of the required financing, Ghani Chemical has approved the issuance of up to 116.37 million Class B Tracking Shares. Under the proposed arrangement, eligible existing shareholders will be entitled to approximately 204 tracking shares for every 1,000 ordinary shares held. The allocation gives qualifying shareholders an opportunity to participate in the new share structure linked to the designated business unit. The company’s approval of this mechanism represents a separate component of its broader plan to finance the gas projects without relying entirely on internal resources.
The proposed Class B Tracking Shares will carry an issue price of Rs10 each. Of this amount, Rs9 will represent a redeemable portion, while the remaining Rs1 will be irredeemable. The shares are designed to track the financial performance of the designated business unit and will carry specific rights and conditions approved by shareholders. This structure distinguishes the proposed shares from ordinary equity by linking their financial characteristics to a particular business segment. The precise application of those rights and conditions will be governed by the approved terms and relevant corporate documentation.
Shareholders have also approved investments and project guarantees of up to Rs2.01 billion in connection with the Bono Lashari, Jandran and Maiwand gas projects. These approvals provide for project-related guarantees and financing arrangements needed to support implementation. Guarantees can form part of the financial arrangements required for project development, although their approval does not necessarily mean that the full amount will immediately be drawn or used. The company will need to complete the relevant procedures and comply with applicable legal and regulatory requirements before carrying out the approved arrangements.
The extraordinary general meeting also approved changes to Ghani Chemical’s authorised share capital and articles of association to accommodate the new share structure. These corporate amendments are intended to provide the framework required for issuing Class B Tracking Shares and implementing the associated financing plan. The resolutions authorise the company’s board and relevant officers to complete documentation, submit regulatory filings and undertake other necessary steps. These measures are important for translating shareholder approval into an operational financing arrangement and ensuring that the proposed share issue follows the company’s revised corporate framework.
The investment decision places the three gas projects at the centre of Ghani Chemical’s latest capital allocation plans. By combining internal funds with proceeds expected from the proposed tracking-share issue, the company aims to arrange financing for development and operational activities across the projects. The approval of project guarantees and related financing arrangements also provides flexibility for meeting project requirements, subject to the relevant conditions. However, the reported resolutions do not specify individual funding allocations for each gas project, detailed implementation timelines or expected financial returns.
For shareholders, the proposed issue introduces a new investment instrument with defined terms and a financial link to a designated business unit. The entitlement of approximately 204 Class B Tracking Shares for every 1,000 ordinary shares held sets out the proposed allocation for eligible investors, while the Rs10 issue price establishes the stated price per share. Further details on implementation will depend on the company’s formal documentation and completion of the required regulatory steps. The approved changes to authorised share capital and the articles of association are intended to support this process.
Ghani Chemical’s approval of up to Rs2.01 billion in investment and related project guarantees marks a significant financing decision for the company’s participation in the Bono Lashari, Jandran and Maiwand gas projects. The plan combines internal funding with a proposed issue of up to 116.37 million Class B Tracking Shares, while introducing a share structure linked to the financial performance of a designated business unit. The next stage will involve completing the necessary corporate documentation and regulatory procedures before the approved arrangements can be implemented.
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