FFL to increase authorized share capital by Rs10bn

By MG News | July 22, 2022 at 03:13 PM GMT+05:00

0:00

July 22, 2022 (MLN): The Board of Directors of Fauji Foods Limited (FFL) has recommended an increase in the authorized share capital of the company by Rs10 billion, the company’s filing on the bourse showed today.

The aforementioned decision is subject to the approval of the shareholders of the company, after which the authorized share capital of FFL will increase to Rs28bn from Rs18bn.

Fauji Foods Limited was incorporated in Pakistan on 26 September 1966 as a Public Company. The company is the subsidiary of Fauji Fertilizer bin Qasim Limited. It is principally engaged in the processing and sale of toned milk, milk powder, fruit juices, allied dairy and food products.

Alongside this, the company announced its financial performance for 1HCY22, as per which the company reported an increase in net losses to Rs1.25bn from Rs758 million reported in the same period last year.

Similarly, in 2QCY22 company incurred a loss after tax of Rs754 million compared to Rs410 million reported in the same quarter of CY21.

Presently, the company’s stock is being traded at Rs6.33, up by Rs0.04 or 0.64% from yesterday’s price.

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