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Karachi, In a recent meeting held on September 6, 2023, at Lahore, the Board of Directors of Maple Leaf Cement Factory Limited, referred to as “the Company,” deliberated on several significant recommendations aimed at shaping the company’s strategic direction and enhancing shareholder value.
The key recommendations put forth by the Board of Directors include:
A. Dividend Recommendations:
1. Cash Dividend: The Board has recommended a cash dividend for shareholders.
2. Bonus Shares: The Board has proposed the issuance of bonus shares to eligible shareholders.
3. Right Shares: The Board has suggested the issuance of right shares, subject to specific terms and conditions.
4. Price-Sensitive Information: There is no other price-sensitive information announced.
B. Investments:
1. Investment in Kohinoor Textile Mills Limited (KTML): The Board has approved an investment of up to Rs. 1,000 million as loans/advances to KTML, which is a holding company of Maple Leaf Cement Factory Limited. This investment is intended to address the working capital requirements of KTML. The proposal for this investment is subject to approval by the shareholders of Maple Leaf Cement Factory Limited under Section 199 of the Companies Act, 2017. Additionally, a reciprocal facility of loans/advances in a similar nature of Rs. 1,000 million for the working capital requirements of Maple Leaf Cement Factory Limited would be recommended by the Board of KTML, subject to approval by KTML’s shareholders.
2. Investment in Maple Leaf Capital Limited (MLCL): The Board has also approved an investment of up to Rs. 1,000 million as loans/advances to MLCL, which is an associated company of Maple Leaf Cement Factory Limited. This investment aims to meet the working capital requirements of MLCL. Similar to the KTML proposal, this investment is also subject to approval by the shareholders of Maple Leaf Cement Factory Limited under Section 199 of the Companies Act, 2017.
C. Share Buy-Back Recommendation:
The Board has recommended to shareholders the purchase/buy-back of up to a maximum of 100 million issued ordinary shares with a face value of Rs. 10 per share by the Company. This initiative is in accordance with Section 88 of the Companies Act, 2017, read with the Listed Companies (Buy-Back of Shares) Regulations, 2019.
D. Equity Investment:
The Board of Directors has approved further equity investment of up to Rs. four billion into a wholly-owned subsidiary, a private limited company named Novacare Hospitals (Pvt) Limited.
The audited consolidated and un-consolidated financial results of the Company for the year ended June 30, 2023, are also provided for reference.
The Annual General Meeting (AGM) of the Company is scheduled to take place on Thursday, October 19, 2023, at 42-Lawrence Road, Lahore, the Registered Office of the Company. Shareholders are advised that the Share Transfer Books of the Company will be closed from October 13, 2023, to October 19, 2023, inclusive.
The Annual Report of the Company will be transmitted through PUCARS at least 21 days before the AGM, and three copies of printed accounts will be sent via courier.
These recommendations and financial results signify Maple Leaf Cement Factory Limited’s commitment to creating value for its shareholders and pursuing strategic investments that align with its growth objectives. Further details and discussions on these proposals will take place during the forthcoming AGM.
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