Corporate Roundup: Atlas Honda approves capital expenditure of Rs 1.63 billion

March 20, 2019 (MLN): Several companies listed on the Pakistan Stock Exchange made corporate announcements today, mostly pertaining to changes in the management affairs of the company. Some of these announcements are listed below;

The Board of Directors of Atlas Honda Company Limited approved the Annual Budget of the company for the year ending March 31, 2020 and thereby approved capital expenditure of Rs. 1.63 billion.

The Board of Directors of Sui Northern Gas Pipelines Limited, at its meeting held today i.e. March 20, 2019 assigned the charge of Managing Director to Mr. Mehmood Zia Ahmed, Senior General Manager (Distribution North) with immediate effect in addition to his existing responsibilities. As a consequence of this, Mr. Amer Tufail, Deputy Managing Director (Services) has been relieved from the additional charge of Managing Director.

Ishtiaq Textile Mills Limited conveyed the acceptance of its sponsors to the purchase price of Rs. 18 per share and quantum of 178,000 ordinary shares (29.52%) out of total 603,000 ordinary shares to qualify for de-listing of the company from Pakistan Stock Exchange.

Summit Bank announced the resignation of Mr. Mohammad Faisal Shaikha from the directorship of Summit Bank with effect from March 18, 2018.

Fauji Fertilizer Company announced the cessation of Major Gen Wasim Sadiq as the Director of the company with effect from March 14, 2019, and appointment of Brig Hamad Qadir as the new Director.

Sakrand Sugar Mills Limited announced annual profits of Rs. 268 million (EPS: Rs. 6.01) for the year ended December 31, 2018, approximately 36% higher than the profits of last year. The company benefitted massively from a decline in cost of sales by around Rs. 1 billion.

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