In a notification sent to PSX on 13/06/2024, Kohinoor Textile Limited (KTML) announced that it was adjusting reserve classifications following significant investments.
The Board of Directors of Kohinoor Textile Mills Limited (the “Company”) approved that, over the years the Company has continued with its expansion strategy and has made significant investments which have enhanced enterprise value for the shareholders. The Board noted that because of these reasons, the general / revenue reserve of the Company has been utilized and are not entirely available for distribution as dividend. Therefore, the Board decided to re-classify a sum of Rs. 16.775 Billion from the revenue reserve to separate capital reserve (un-distributable by way of dividend) to more accurately reflect the nature of these reserves. Accordingly, the following has been approved by the Board: – Current Classification Re-classification of Capital Reserve . Amount (Not available for distribution by way of dividend) | (Rupees in Thousand) General Reserve and Capital reserve against capacity expansion 15,000,000 unappropriated profits | Capital reserve for Buy-Back of Shares 1,775,000 : ‘Total 16,775,000 and give me 5 titles, easy to understand, the topic must start with the company name, don’t add anything from yourself.
KTML shares were last trading at Rs 80 today.
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