The Karachi Stock Exchange Limited’s free reserves certificate
Karachi, December 28, 2012 (PPI-OT): This is to certify that free reserves and surpluses retained after the issue of the bonus shares of value of Rs. 9.285 millions (in the ratio of one shares for every twenty shares), based on the company’s audited financial statements for the year ended September 30, 2012, will not be less than twenty-five percent of the increased capital amounting to Rs. 194.938 million.
The term “Free Reserves” has been deemed to have the meaning given to it in the Rule 5 of the Companies (Issue of Capital) Rule 1996.
Free reserves are required to be calculated after consideration of any dividend/ bonus issue recommended by the Board of Directors. Free reserves have been determined after deducting appropriation on account of 5% cash dividend and 5% bonus shares, as proposed by directors.
No upward revaluation of assets since the inception of the company is included and intengible assets have been deducted in determining the figures of “Free Reserves” and to the best of our information there were, no fictitious assets not written off in the books of the company as at 30th September, 2012.
For more Information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136