Mehran Sugar Mills Limited’s free reserves – issue of bonus shares

Karachi: In pursuance of the issue of Dividend in the form of Bonus Shares announced by the Board of Directors of the Company, we are submitting herewith the Auditors’ Certificate in compliance of Rule 6 (iii) of the Companies (Issue of Capital) Rules 1996.

Free Reserves

As requested, we have examined the annexed computation of residual free reserves for the issue of bonus shares prepared by the Company on the basis of audited financial statements for the year ended 30 September 2011. Based on our examination, we confirm that the residual “free reserves” of the Company, in terms of the meaning given to “free reserves” in the Companies (Issue of Capital) Rules, 1996 after the proposed issue of bonus shares of face value of Rs. 17,294,682/- would be higher than twenty five percent of the enhanced paid-up capital of Rs. 190,241,502/-.

This certificate is being issued at the request of the Company for the purpose of issue of bonus shares in accordance with Rule 6 of the Companies (Issue of Capital) Rules, 1996.

For more information, Contact:
Mehran Sugar Mills Limited
Adamjee House, 8th Floor
I. I. Chundrigar Road,
Karachi-74000, Pakistan.
Tel: 92-(21) 3241-7131, 92-(21) 3242-3881
Fax: 92-(21) 3241-6477
E-mail: msm@mehransugar.com
URL: www.mehransugar.com