Capital increase of 4 listed companies
This capital increase was based on the decisions of the Extraordinary General Assembly dated 03/04/1400, according to which it was decided to increase the company’s capital from 70 billion rials to 673 billion rials (from the revaluation surplus of assets). In another announcement, Sarmad (and Sarmad) Insurance informed about the “statement of the auditor and the statutory inspector regarding the explanatory report of the board of directors regarding the capital increase” of the company. Pursuant to Article 3 of the Instruction on the Time Stages of Increasing the Capital of Companies, after the Board of Directors has submitted its justification report on the need to increase the capital of the company, it is the turn of the auditor and the statutory auditor of the company.
The auditor focuses more on the rationale and the company’s ability to raise capital. In a statement issued by Sarmad Insurance, Fatir Auditing and Financial Services Institute, as the auditor, stated: “It does not provide a justification for the report.”
The justification report for the increase of Sarmad Insurance capital was published in May of this year by the board of directors of this company. In this report, the need to increase capital from 2,500 billion rials to 7,500 billion rials from shareholders’ cash inflows, accumulated profits, revaluation surplus assets to maintain and increase the company’s wealth ratio and increase retention share in attracting new portfolios and wealth creation for shareholders and start Reliance acceptance activity is emphasized.
Pars Livestock Feed (Ghadam) is another company that is in the process of auditor commenting in the process of raising its capital. The report justifying the capital increase of the company’s board of directors from 60 billion rials to 160 billion rials was presented in September of this year. It is said that this capital increase will be made from the accumulated profit in order to reform the financial structure.
Issuance of Capital Increase License for Iran Manganese Mines Company (Kamangenz) Another recent issue of listed companies related to capital increase was published on Kedal website.
The announcement of the company states: “In the implementation of the Securities Market Law of the Islamic Republic of Iran (approved in December 2005), the demand for capital increase and the issuance of new shares of Iran Manganese Mines Company (public company) in this organization were examined. Based on the investigation, no cases of violation of the relevant laws and regulations in the issuance of shares have been observed. The amount of this capital increase is one thousand and 2777 billion tomans, which is supposed to be provided from the current demands of the shareholders, cash income as well as the accumulated profit of the company. The current capital of “Kamengans” is 202 billion rials.