Karachi, Awwal Modaraba Management Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on September 24, 2020.
The agenda of the meeting was discussion of profit and loss account for year ended June 30, 2020 which portrayed a loss of Rs. 5,402,121 with earnings per share 0.06 basic and diluted respectively.
Further, payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from October 13, 2020 to October 27, 2020 (both days inclusive).
Awwal Modaraba Management Limited (AMML) is licensed by the Registrar of Modarabas, Securities and Exchange Commission of Pakistan to float and manage multipurpose Modaraba Funds. The Company was incorporated on June 5, 2014 with an authorized and paid-up capital of PKR 300 million and PKR 105 million, respectively, as a wholly owned subsidiary of Pak Brunei Investment Company Limited (“Pak Brunei”).
The establishment of a Modaraba Management Company (MMC) is expected to translate into significant financial benefits for its shareholders and investors in the Modaraba funds.
The symbol “AWWAL” is being used by the stock exchange for the Awwal Modaraba Management Limited.