GAL to reclassify Rs1bn revenue reserves to capital reserves

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

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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.

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