MLCF allocates Rs 26 billion to undistributable capital reserves

Posted by: Aamir Hayat 0

MLCF allocates Rs 26 billion to undistributable capital reserves

In a notification sent to PSX on 12/06/2024, Maple Leaf Cement Factory Limited (MLCF) adjusts capital Reserves for capacity expansion and investments.

The Board of Directors of Maple Leaf Cement Factory Limited (the “Company”) approved that, over the years the Company has continued with its expansion and diversification strategy and has made significant investments which have enhanced enterprise value for the shareholders. The Board noted that because of these reasons, the general 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. 26 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 Re-classification of Capital Reserve Amount Classification (Not available for distribution by way of dividend) (Rupees in Thousand) General Reserve and | Capital reserve against capacity expansion 20,000,000 unappropriated Capital reserve against long term investments 5,000,000 profits Capital reserve for Buy-Back of Shares 1,000,000 Total 26,000,000

MLCF shares were last trading at Rs 37.13 today.

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