November 15, 2021 (MLN): Flying Cement Company Limited has decided to increase the authorized share capital of the Company from Rs4 billion to Rs8bn, the company informed through a notice to exchange.
In a meeting held on Nov 15, 2021, the Board of Directors approved an increase in authorized share capital from Rs4,000,000,000 divided into 400,000,000 shares of Rs10 each to Rs8,000,000,000 divided into 800,000,000 shares of Rs10 each, and the corresponding amendments to the Memorandum and Articles of Association of the company.
The aforesaid information is subject to obtaining the requisite approvals from the shareholders of the Company in accordance with the applicable laws, for which purpose the Board authorized persons to take necessary steps, including to call an Extraordinary General Meeting of the Company in due course.
To note, the company had reported a profit after tax of Rs204.93 million (EPS: Rs0.55) in the first quarter of the current fiscal year, a turnaround from the same period when it suffered a loss of Rs40.69mn (LPS:0.23), backed by higher revenue growth of 16.5 times YoY.
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