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Karachi, Agha Steel Industries Limited, a prominent player in the steel manufacturing industry, convened its Board of Directors meeting on September 25, 2023, in Karachi. During this meeting, the board recommended several significant decisions that will impact the company’s shareholders and stakeholders.
1. Dividends and Shares:
The Board of Directors has recommended the following:
Cash Dividend: Nil
Bonus Shares: Nil
Right Shares: Nil
Any Other Entitlement/Corporate Action: Nil
Any Other Price-Sensitive Information: Nil
These recommendations indicate that the company will not be distributing cash dividends, issuing bonus shares, or offering right shares for the year under consideration. Additionally, there are no other entitlements or corporate actions planned.
2. Annual General Meeting (AGM):
The company has scheduled its Annual General Meeting (AGM) for October 16, 2023, in Karachi. In light of current circumstances and to facilitate broader participation, the AGM will also be conducted through a video conference facility.
3. Share Transfer Books Closure:
Shareholders are advised that the share transfer books of Agha Steel Industries Limited will remain closed from October 09, 2023, to October 16, 2023, both days inclusive. During this period, no transfers of shares will be processed.
Financial Results:
The company also released its Statement of Profit or Loss and Other Comprehensive Income for the year ending June 30, 2023. Here are some key financial figures (all values in Rupees ‘000):
Turnover – Gross: 24,160,372
Turnover – Net: 20,582,205
Gross Profit: 4,820,013
Operating Profit: 980,542
Profit Before Taxation: 1,168,303
Profit After Taxation: 904,896
Total Comprehensive Income for the Year: 904,896
Earnings per Share (Basic and Diluted): 1.50 (Rupees)
The board’s recommendations and financial results affirm Agha Steel Industries Limited’s commitment to transparency and corporate governance. Shareholders and stakeholders are encouraged to stay informed about the upcoming AGM and review the financial performance of the company for the fiscal year ending in June 2023.
The post Agha Steel Industries Announces Zero Dividend, Bonus, and Right Shares; AGM Scheduled for October 16, 2023 appeared first on Pakistan Company News.