Breaking News

Daily Archives: May 30, 2011

New Jubilee Insurance Company Limited’s Notice of Extra Ordinary General Meeting

Karachi: Notice is hereby given that an Extraordinary Genera! Meeting of the shareholders of New Jubilee Insurance Company Limited will he held on Friday, Jane 24, 2011 at 10:30 am at the Auditorium, Institute of Chattered Accountants of Pakistan, Chartered Accountants Avenue, Block 8, Clifton, Karachi to transact the following business. To elect (8) Directors as fixed by the Board of Directors in accordance with the provision of Section 178(1) or the Companies Ordinance, 1984 for the next term or three (3) years, commencing from Jun 25, 2011. Following are the names of retiring directors. I. Mr.Towfiq II. Chinoy 2. Mr. Masood Noorani 3. Mr. Akbar ali Hashwani 4. Mr. Akbar ali Pesanani 5. Mr. John Joseph Metcalf 6. Mr. Sadruddin Hashwani 7. Mr. R. Zakir Mahmood 8. Mr. Aly Noormahomed Rattansey Notes: 1. Any person who seeks to contest the election of Directors shall file with the Company at its registered office not later than fourteen days before the date of the said meeting his / her intention to offer himself / herself for the election of the Directors in terms of Section 178(3) of' the Companies Ordinance, 1984 together with Form 28 (Consent to act as Director) prescribed under the Companies Ordinance, 1984 and a Declaration in terms of clause (ii), (iii) and (iv) of' the Code of Corporate Governance. 2. The Share Transfer Books of the Company will be closed from June 18, 2011 to June 24, 2011 (both days inclusive) 3. A member entitled to attend and vote at the Meeting may appoint another member as his / her proxy to attend and vote on his / her behalf the proxy form, must be received at the Registered Office of the Company not later than 48 hours before the time of the Meeting. 4. For attending the Meeting and Appointing Proxies CDC Account Holders will further have to follow the guidelines as laid down in Circular 1 dated January 26, 2000 issued by the Securities and Exchange Commission of Pakistan. 5. Members are requested to immediately inform the Company of any change in their address. 6. A form of Proxy is enclosed with the Notice of the Meeting being sent to the members. For more information, contact: Atiq A. Mahmudi Executive Director (Finance) and Company Secretary New Jubilee Insurance Company Limited Jubilee Insurance House, I.I. Chundrigar Road, P.O. Box 4795, Karachi-74000 Pakistan UAN: +9221 111-654-111 Tel: +9221 32416022-26 Fax: +9221 32416728-32438738 Email: nji@cyber.net.pk Website www.nji.com.pk

Read More »

Shakarganj Mills Limited’s Financial Results for the Period Ended March 31, 2011

Karachi: We are pleased to inform you that the Board of Directors of Shakarganj Mills Limited (SGML) in their meeting held on May 30, 2011 at Faisalabad have considered and approved the financial results of Shakarganj Mills Limited for the 2nd Quarter and Six Months period ended March 31, 2011 and the Board of Directors recommended the following: (1) Cash Dividend       Nil (2) Bonus Shares         Nil (3) Right Shares           Nil (4) Any Other Entitlement/Corporate Action   Nil (5) Other Price-Sensitive Information  Nil The financial results of the Company are attached herewith. Without qualifying their opinion, the auditors have given the following note in their report to the members on review of interim financial information: “Without qualifying our opinion, we draw attention to note 1, 2 to the financial statements which indicate that the current liabilities of the Company have exceeded its current assets by Rs. 3,429.036 million and the equity stands at a negative balance of Rs. 904.853 million. These conditions along with other matters as set forth in note 1.2 indicate the existence of material uncertainty which may cast doubt about the company’s ability to continue as a going concern. These interim financial information does not include any adjustments relating to the realization of the company's assets and liquidation of any liabilities that may be necessary should the company be unable to, continue as a going concern.” Condensed Interime Profit and Loss Account for the Quarter and Half Year Ended March 31, 2011 (Un-Audited)     Quarter ended Half Year ended March March March March 31, 2011 31, 2010 31, 2011 31, 2010   (Rupees in thousand)   Note Restated   Restated Continuing Operations:           Sales 12.1 6,049,470 1,717,478 7,962,646 4,497,334 Cost of Sales 12.2 (5,312,592) (1,850,223) (7,164,204) (4,070,149)     ----------- ----------- ----------- ----------- Gross Profit / (Loss)   736,878 (132,745) 798,442 427,185 Administrative expenses   (105,034) (53,434) (153,756) (97,732) Distribution and selling costs   (78,213) (41,827) (87,028) (54,320) Other Operating expenses   (20,335) (116,376) (20,437) (142,321) Other Operating income   100,663 36,813 132,618 60,499     ----------- ----------- ----------- ----------- Profit / (Loss) from operations   633,959 (307,569) 669,839 193,310 Finance cost   (209,682) (261,203) (443,847) (539,463) Share of income / (loss) from associates   19,501 1,529 38,148 (15,118)     ----------- ----------- ----------- ----------- Profit / (Loss) before taxation   443,778 (567,243) 264,113 (361,271) Taxation           -Company   (60,620) (8,197) (79,666) (24,036) -Associates   (6,271) (4,823) (12,311) (6,263)   ----------- ----------- ----------- ----------- (66,891) (13,020) (91,977) (30,299) ----------- ----------- ----------- ----------- Profit / (Loss) for the period from continuing           operations   376,887 (580,263) 172,136 (391,570)     ----------- ----------- ----------- ----------- Discounted Operations:           (Loss) / profit for the period from discontinuing operations   (27,086) (305,021) 130,970 (354,851)   ----------- ----------- ----------- ----------- 349,801 (885,284) 303,106 (746,421) Profit / (loss) per share from continuing           operations           -Basic 13   Rupees 5.42 (8.35) 2.48 (5.63) -diluted 13   Rupees 5.10 (8.35) 2.48 (5.63) (loss) / Profit per share from discontinued operations           basic 13   Rupees (0.39) (4.39) 1.88 (5.10) -diluted 13   Rupees (0.39) (4.39) 1.88 (5.10) For more information, contact: Asif Ali Company Secretary Shakarganj Mills Limited Management House Toba Tek Singh Road Jhang Pakistan Tel: +9247 765 2801-05 FaX: +9247 7652811 E-mail: info@shakarganj.com.pk Website: www.shakarganj.com.pk

Read More »

The Karachi Stock Exchange (Guarantee) Limited’s Notice for Declaration of Unpaid Right Securities Eligible for Clearing and Settlement through NCSS

Karachi: Notice is hereby given that National Clearing Company of Pakistan Limited declares Unpaid Rights as specified in the appended table (annexure attached), eligible for the clearing and settlement through National Clearing and Settlement System (“NCSS”). Accordingly, all Clearing Members are requested to note the following settlement schedule for the said Unpaid Rights; Security Name Date of Commencement of Trading Exchanges Last date of Trading Trading/Settlement on Trading/Settlement on T+2 basis T+1 basis Trade Date Trade Date Trade Date Trade Date (From) (From) (From) (From) Fauji Cement Company Limited 31-May-11 23-June-11 31-May-11 21-June-11 22-June-11 23-June-11 Hussein Sugar Mills Limited 06-June-11 08-Jul-11 06-June-11 06-Jul-11 07-Jul-11 08-Jul-1 Badiudin Akbar Head of Operations Declaration of NCSS Eligible Security Annxure to Notice Dated: 25-05-2011 S.No Symbol Code ISIN Company Name Marketable LOT Sector Eligible   NCSS Eligibility BTB IDS IMF     NCC     NCC   TFC Regular Date 1. FCCR PK0074503027 Fauji cement Company Limited-LoR 1 Construction and Materials X X 31-May-11 2. HUSER PK0011003024 Husein Sugar Mills Limited-LoR 1 Food Producers X X 06-Jun-11 For more information, contact: Badiudin Akbar Head of Operations Karachi Stock Exchange Tel: +9221 111-001122 Fax: +9221 3241 0825, +9221 3241 5136 Email: info@kse.com.pk Web: www.kse.com.pk

Read More »

The Karachi Stock Exchange (Guarantee) Limited’s Schedule for handling Unpaid Rights of Fauji Cement Company Limited

Karachi: This is to inform you that unpaid rights for the below mentioned security will be handled in CDS as per the following schedule: Security Name:              Fauji Cement Company Limited Security ID:                    PK0074501013 Security Symbol:            FCCL Book Closure:                 20 May 2011 till 26 May 2011 Right Ratio:                     92% Right Security Name:     Fauji Cement Company Limited - LoR Right Security Symbol:  FCCLR Activities pertaining to unpaid rights Dates Start date for subscription in CDS Saturday 28, May 2011 Last date for initiation for withdrawal request Friday 03, June 2011 Commencement of trading of unpaid Right (LOR) at Stock Exchanges Tuesday 31, May 2011 Last date for initiation of deposit request Wednesday 15, June 2011 Last date of trading at Stock Exchange Thursday 23, June 2011 Last date for initiation of Pledge request Friday 24, June 2011 Last date of movement of securities (Free Deliver Transaction) Friday 24, June 2011 Last date of Subscription request and payments Wednesday 29, June 2011 Last date of Pledge release and pledge call Wednesday 29, June 2011 Tentative date for credit of shares against rights issue Wednesday 13, July 2011 These dates are based on the schedule for right issue announce by the Karachi Stock Exchange. Should you have any queries or concerns, please feel free to call our Customer Support Services at 0800-CDCPL. (23275) For more information, contact: H.M. Kamran Tai Asst. Manager Operations Hammad Ali Faisal Manager – Operations Karachi Stock Exchange Tel: +9221 111-001122 Fax: +9221 3241 0825, +9221 3241 5136 Email: info@kse.com.pk Web: www.kse.com.pk

Read More »

Khyber Tobacco Company Limited’s Notice of Extra Ordinary General Meeting

Karachi: Please find enclosed the Notice of Extra Ordinary General Meeting of M/s Khyber Tobacco Company Limited (KHTC) to be held on June 18, 2011. Please keep this on your record and oblige. Notice of Extraordinary General Meeting Notice is Hereby Given that an Extra Ordinary General Meeting of M/s Khyber Tobacco Company Limited will be held on Saturday 18th June, 2011 at 10:00 a.m. at the Registered Office of the Company at Nowshera Road Mardan, to transact the following business: 1. To elect Seven directors as fixed by the Board of Directors under section 178(1) of the Companies Ordinance, 1984 for three years commencing from June 18, 2011. The company hold its directors’ election in the last Annual General Meeting held on 30-12-2010 but that was not complying fully with the procedures laid down under section 178 and section 180 (2) of the Companies Ordinance, 1984. Now this election is being held under the direction of the Director (Enforcement), Securities and Exchange Commission of Pakistan issued under section 473 of the Companies Ordinance, 1984. The retiring directors who are eligible to offer themselves for re-election are as follows. 1. Mr. Wali ur Rehman 2. Mr. Sami ur Rehman 3. Waseem-ur-Rehman 4. Mr. Sajjad Khan 5. Mr. Fazl e Mabood 6. Mr. Muhammad Sial 7. Mr. Muhammad Faridoon Rehman 2. Any other business with the permission of the chairman. Notes: 1. Share transfer books of the Company will remain dosed from June 11, 2011 to June 12, 2011 (bath days inclusive). 2. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend instead of him/her and such proxy will have the right to speak and vote hi place of the member. A proxy need not be a member of the Company. 3. Forms of proxy must be deposited at the Company's registered office not later than 48 hours before the time of the meeting and in default, the forms of proxy will not be treated as valid. 4. Shareholders are requested to notify the Company immediately for any change in their address. For more information, contact: Abdul Rauf Accounts Manager Khyber Tobacco Company Limited P.O. Box 12, Nowshera Road, Mardan, Khyber Pakhtunkhwa, Pakistan Tel: +92937 863083, 870380 Fax: +92937 861882

Read More »

Crescent Sugar Mills and Distillery Limited’s Financial Result for the Quarter and Six Months Ended March 31, 2011

Karachi: We have to inform you that the Board of Directors of Crescent Sugar Mills and Distillery Limited (CSMD) in their Meeting held today at 10:30 a.m. at Faisalabad have recommended the following: 1. Cash Dividend: An Interim Cash Dividend for the quarter ended March 31, 2011 at Rs. Nil per share i.e. Nil %. This is in addition to interim Dividend(s) already paid at Rs. Nil per share i.e. Nil %. 2. Bonus Shares: It has been recommended by the Board of Directors to Issue interim Bonus shares in proportion of Nil shares(s) for every Nil share(s) held i.e. Nil % This is in addition to the interim Bonus Shares already issued @ Nil % 3. Right Shares: The Board has recommended to issue Nil % shares at par/at a discount/premium of Rs. Nil per share in proportion of Nil Share(s) being declared simultaneously will be twill not be applicable on Bonus Shares as declared above. The financial results of the Company arc as follows:-     (Rupees in 000) Half Year QUARTER Ended Ended Ended Ended March 31 March31 March 31 March 31 2011 2010 2011 2010 Continuing operations:         Sales 2,378,591 1,204,263 1,284,750 607,956 Cost of sales 2,164,354 1,036,216 1,180,555 502,979   --------- --------- --------- --------- Gross Profit 217,237 168,047 104,195 104,977 Distribution Cost 50,309 23,110 25,660 8,371 Administrative Expenses 28,386 20,601 15,974 10,612 Other Operating Expenses 6,672 901 3,584 901   --------- --------- --------- --------- 85,367 44,612 45,218 19,884 --------- --------- --------- --------- 131,870 123,435 58,977 85,093 Other Operating Income 23,013 419 247 92   --------- --------- --------- --------- Profit from Operations 154,883 123,854 59,224 85,185 Finance Cost 34,903 28,998 19,802 14,880   --------- --------- --------- --------- Profit before Taxation 119,980 94,856 39,422 70,305 Provision for Taxation 24,199 7,733 18,069 4,338   --------- --------- --------- --------- Profit After Taxation from         Continuing Operations 95,781 87,123 21,353 65,967 Discontinued Operations:         Loss/Profit After Taxation From Discontinued Operations 21,676 78,105 22,466 64,607   --------- --------- --------- --------- Profit After Taxation 74,105 9,018 43,819 1,360 Earning Per Share-Basic And Diluted (Rupees) Continuing Operations 4.48 04.08 1.00 3.09   --------- --------- --------- --------- Discontinued Operations (1.01) (3.65) 1.05 (3.02)   --------- --------- --------- --------- For more information, contact: Sami Ullah Ch. Company Secretary Crescent Sugar Mills and Distillery Limited New Lahore Road, Post Box No. 11, Faisalabad - Pakistan Tel: +9241 8752111-14 Fax: +9241 8750366 Email: info@crescentsugar.com

Read More »