GATI to reclassify Rs6bn revenue reserves to capital reserves
MG News | June 26, 2023 at 12:54 PM GMT+05:00
June 26, 2023 (MLN): The Board of Directors (BoD) of Gatron Industries Limited (PSX: GATI) has decided to reclassify a sum of Rs6 billion from the revenue reserves to separate capital reserves, the company’s filing on PSX revealed today.
This recent development is subject to the continuation of their capacity expansions and BMR projects.
“It was noted by the board that due to these endeavors, the general reserves of the company have been utilized and are not entirely available for distribution as dividends,” the notice reads.
The balance of Rs6bn of general reserves and unappropriated profits is reclassified into capital reserves against capacity expansions and BMR.
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