LUCK to reclassify Rs116bn revenue reserves to capital reserves

MG News | June 22, 2023 at 10:30 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

June 22, 2023 (MLN): The board of directors (BoD) of Lucky Cement Limited (PSX: LUCK) has decided reclassify a sum of Rs116 billion from the revenue reserves to separate capital reserves, the company’s filing on PSX revealed today.

“The BoD discussed that over the years the company has continued with its expansion and diversification strategy and has made significant investments that have enhanced enterprise value for the shareholders,” the notice reads.

Moreover, the company carried out a buyback at a weighted average price of Rs514.41 of 641,800 shares on June 21, 2023.

The board noted that because of these reasons, the general reserves of the company have been utilized and are not entirely available for distribution as dividends.

The total balance of Rs116bn of general reserves and unappropriated profits is reclassified into capital reserve against long-term investments, capital reserve against capacity expansions, and capital redemption reserve u/s 88 of the Companies Act, 2017 amounting Rs40bn, Rs40bn and Rs36bn respectively.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	177,623.88 478.02M	-0.36% -638.45
ALLSHR	107,472.27 954.45M	-0.34% -365.17
KSE30	53,131.56 115.62M	-0.41% -216.11
KMI30	250,814.93 150.64M	-0.28% -695.43
KMIALLSHR	68,971.49 608.41M	-0.29% -202.37
BKTi	50,769.48 23.80M	-0.58% -295.25
OGTi	34,999.12 6.26M	-0.71% -249.30

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	63,350.00	64,810.00 62,680.00	-1615.00 -2.49%
BRENT CRUDE	86.67	88.06 84.70	-1.69 -1.91%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	120.00	0.00 0.00	0.25 0.21%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	81.37	82.43 79.80	-1.24 -1.50%
SUGAR #11 WORLD	14.55	14.70 14.51	-0.03 -0.21%