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Karachi: We have to inform you that the Board of Directors of Saritow Spinning Mills Limited (SSML) in their Meeting held on Tuesday January 10, 2012 at 04:00 P.M. at 17-Aziz Avenue, Canal Banks Gulberg-V, Lahore, the Registered Office of the Company, has passed aver the dividend.
The Financial Results (after Amalgamation of Azam Textile Mills Limited) of the Company are as follows:
|
FOR THR YEAR |
FOR THE YEAR |
|
|
ENDED JUNE 30 |
ENDED JUNE 30 |
|
|
2011 |
2010 |
|
|
(Rupees) |
(Rupees) |
|
| Turnover – Net | 2,038,316,922 | 716,580,537 |
| Cost of Sales | 1,801,542,531 | 587,251,045 |
| ————- | ————- | |
| Gross Profit | 236,774,391 | 129,329,492 |
| Selling and Distribution Expenses | 3,159,846 | 1,106,924 |
| Administration and General Expenses | 49,703,594 | 19,732,033 |
| ————- | ————- | |
| 52,863,440 | 20,838,957 | |
| Net Other Income | 336,869 | 344,027 |
| ————- | ————- | |
| Operating Profit | 184,247,820 | 108,834,562 |
| Gain on Business Combination | 30,104,117 | – |
| Finance Cost | 79,048,209 | 39,640,454 |
| Other Charges | 7,306,599 | 4,845,294 |
| ————- | ————- | |
| Profit Before Taxation | 127,997,129 | 64,348,814 |
| Taxation | 40,646,771 | 16,201,883 |
| ————- | ————- | |
| Profit After Taxation | 87,350,358 | 48,146,931 |
| ————- | ————- | |
| Earnings per share – basic | 6.58 | 3.63 |
| Earnings per share – diluted | 2.93 | 3.63 |
The Annual General Meeting of the Company will be held at 11:00 A.M. on Tuesday, January 31, 2012 at 17-Aziz Avenue Canal Bank, Gulberg-V, Lahore the registered Office of the Company.
The Share Transfer Books of the Company will be closed from January 31, 2012 to February 06, 2012 (both days inclusive).
Notice of Annual General Meeting/ Closure of Share Transfer Books
We enclose herewith copy of Notice of Annual General Meeting to be held on Tuesday January 31, 2012 for record in your office.
The Share Transfer Books of the Company will remain closed from January 31, 2012 to February 06, 2012 (both days inclusive).
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 25th Annual General Meeting of Shareholders of Saritow Spinning Mills Limited will be held on Tuesday, January 31, 2012 at 11:00 A.M. at 17-Aziz Avenue, Canal Bank, Gulberg-V, Lahore the Registered Office of the Company to transact the following business:-
1. To confirm the minutes of Annual General Meeting held on October 30, 2010.
2. To receive and adopt the Annual Audited Accounts (after Merger with Azam Textile Mills Limited) for the year ended 30 June 2011 along with Directors’ and Auditors’ Reports thereon.
3. To appoint Auditors of the Company to hold office till the conclusion of next Annual General Meeting and to fix their remuneration.
4. Any other business with the permission of the Chair.
Notes:
1. Share Transfer Books of the Company will remain closed from January 31, 2012 to February 06, 2012 (both days inclusive).
2. A member entitled to attend and vote at this Meeting may appoint another Member as his/her proxy. Proxies in order to be effective, must be received at 17-Aziz Avenue, Canal Bank, Gulberg-V, Lahore the Registered Office of the Company not later than forty-eight hours before the time for holding the meeting and must be duly stamped, signed and witnessed.
3. Members whose shares are deposited with Central Depository System are requested to bring their original National Identity Cards or original Passports along with their Account Numbers in Central Depository System for attending the meeting.
4. Members are request to notify the Company change in their addresses, if any.
For more information, contact:
Saritow Spinning Mills Limited
17 – Aziz Avenue,
Canal Bank, Gulberg – V,
Lahore- 54660,
Pakistan.
Ph: 042-35715029-31
Fax: 042-35715015
E-mail: azamsaritow@saigols.com