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Karachi, In a recent board meeting held on September 13, 2023, at Karachi, Security Papers Limited announced significant financial milestones and decisions, highlighting the company’s fiscal year ending June 30, 2023.
Annual Financial Statements Approved
The Board of Directors of Security Papers Limited convened to review and approve the Annual Audited Financial Statements for the fiscal year ending June 30, 2023. The financial results, as enclosed, showcase the company’s performance over the past year.
Cash Dividend Announcement
During the same meeting, the Board recommended a cash dividend at the rate of Rs 11.00 per share, which amounts to 110% for the fiscal year 2022-2023. This represents an increase from the previous year when the cash dividend was set at Rs 10.00 per share or 100%. Shareholders will be pleased to receive this increased dividend.
Appropriation Decisions
Additionally, the Board of Directors approved the transfer of Rs 295.144 million from un-appropriated profit to revenue reserves. This appropriation decision is a strategic move to strengthen the company’s financial position and support future growth initiatives. It’s important to note that these appropriations are not reflected in the financial statements for the year ending June 30, 2023, but will be accounted for in subsequent financial periods.
Upcoming Annual General Meeting
Security Papers Limited has announced that its Annual General Meeting will be held on October 26, 2023, in Karachi. Shareholders and stakeholders are encouraged to participate and gain insights into the company’s performance and future plans.
Shareholder Entitlements
The cash dividend and appropriation decisions will benefit shareholders whose names appear in the Register of Members at the close of business on October 16, 2023. The company’s Share Transfer Books will be closed from October 17, 2023, to October 26, 2023, both days inclusive.
Security Papers Limited’s financial results and dividend announcement reflect its commitment to delivering value to shareholders and maintaining a strong financial footing. The company looks forward to engaging with its shareholders at the upcoming Annual General Meeting to discuss its performance and future strategies.
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