Kohinoor Textile reclassifies Rs16.775bn to capital reserve
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MG News | June 13, 2024 at 03:51 PM GMT+05:00
June 13, 2024 (MLN): The Board of Directors of Kohinoor Textile Mills Limited (KTML) has decided to re-classify a sum of Rs16.775 Billion from the revenue reserve to separate capital reserve (un-distributable by way of dividend) to reflect the nature of these reserves more accurately.
KTML informed market participants of this development through a notice issued to the Pakistan Stock Exchange (PSX).
Over the years, the company has continued with its expansion strategy and has made significant investments that have enhanced shareholder enterprise value.
Accordingly, the Board noted that because of these reasons, the general / revenue reserve of the company has been utilized and is not entirely available for distribution as a dividend.
| Current Classification | Re-classification of Capital Reserve (Not available for distribution by way of dividend) | Amount (Rupees in Thousand) |
|---|---|---|
| General Reserve and unappropriated profits | Capital Reserve against capacity expansion | 15,000,000 |
| Capital Reserve for Buy-Back of Shares | 1,775,000 | |
| Total | 16,775,000 | |
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