GAL to reclassify Rs1bn revenue reserves to capital reserves

MG News | July 26, 2023 at 03:18 PM GMT+05:00

0:00

July 26, 2023 (MLN): The Board of Directors (BoD) of Ghandhara Automobiles Limited (PSX: GAL) has decided to transfer and classify a sum of Rs1 billion to separate capital reserve (un-available by way of dividend), the company’s filing on PSX revealed today.

The amount is currently classified under unappropriated profit and will be reclassified to capital reserve for capital expenditure.

To note, the board discussed and approved the above agenda in their meeting on July 21.

The initiative mentioned above is to more accurately reflect the nature of these reserves, keeping in view the capital expenditure strategy of the company.

The principal business of GAL is the assembly / progressive manufacturing of vehicles including JAC Trucks, import and sale of parts / Nissan, Dongfeng, and Renault vehicles in completely built-up condition, and assembly of other vehicles under contract agreement.

CopyrightMettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	155,858.48 232.66M	-0.20% -318.64
ALLSHR	93,385.83 437.37M	-0.25% -237.26
KSE30	47,851.52 125.11M	-0.40% -191.53
KMI30	223,719.09 107.59M	-0.60% -1350.50
KMIALLSHR	60,541.53 227.24M	-0.53% -324.48
BKTi	45,022.52 54.66M	-0.18% -79.74
OGTi	32,464.35 8.69M	-1.99% -658.12

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	71,485.00	71,555.00 69,080.00	1290.00 1.84%
BRENT CRUDE	91.57	93.15 86.24	3.77 4.29%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-10.20 -9.31%
ROTTERDAM COAL MONTHLY	121.50	121.50 120.50	-0.35 -0.29%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	86.65	88.99 81.79	3.20 3.83%
SUGAR #11 WORLD	14.22	14.53 14.18	-0.16 -1.11%