GATM reallocates Rs23bn to capital reserves for strategic expansion
MG News | September 26, 2023 at 10:01 AM GMT+05:00
September 26, 2023 (MLN): The Board of Directors of Gul Ahmed Textile Mills Limited (PSX: GATM) on Monday decided to reallocate a sum of Rs23 billion from the revenue reserves to separate capital reserves, un-distributable by way of dividend to more accurately reflect the nature of these reserves.
Over the years the Company has continued with its expansion and diversification strategy and has made significant investments which have enhanced enterprise value for the shareholders.
The Board noted that because of these reasons, the unappropriated profits of the company have been utilized and are not entirely available for distribution as dividends.
The company is a composite textile mill and is engaged in the manufacture and sale of textile products.
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