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Karachi: In this context we would like to explain here that The Board of Directors of the Company has not recommended/declared any dividend or bonus share because of loss sustained by the company during the year and last five years. Furthermore, accumulated loss is appearing in the Accounts and equity is also negative. As per section 249 of the companies Ordinance 2004, no dividend shall be paid by a company otherwise than out of profit of the company.
A The new management is trying his best to improve the financial health of the company through their own sources, continued assurance for arrangements of funds as and when required, arrangement of long term finance from financial institutions, full utilization of production capacity and to improve sugar recovery % by crushing of quality cane. It is hoped that the full year result of the company will be better than last year.
It is requested, kindly above submission may please be considered favorably and company may not be placed in Non-Compliant Segment of the Exchange due to non-declaration of dividend/bonus shares.
Please find enclosed a cheque bearing numbered 6613559 dated 20th June, 2011 drawn on Bank Al-Habib Limited; Lahore, amounting to Rs.56,251/-, pertaining to annual listing fee of the Exchange for the year 2010-11.
For more information, contact:
Muhammad Ibrahim
Company Secretary
Baba Farid Sugar Mills Limited
1st Floor, Panorama Centre #2,
Raja Ghazanfar Ali Khan Road,
Saddar, Karachi,
UAN: +9221 111-133-280
Tel: +9221 35682178
Fax: +9221 35683800
Website: www.fecto.com
Email; fecto@fecto.com