Arif Habib Corporation Limited’s financial results for the year ended 30th June, 2011
Karachi: We have to inform you that Board of Directors of our company in their meeting held on Wednesday, 14th September, 2011 at 03.30 p.m. at Arif Habib Centre, 23 M.T. Khan Road, Karachi recommended the following:
i) Cash Dividend
A final Cash Dividend for the year ended 30th June, 2011 at Rs. 2 per share i.e. 20%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share i.e. Nil%.
(ii) Bonus Shares
It has been recommended by the Board of Directors to issue Bonus shares in the proportion of one share for every ten shares held i.e. 10 %. This is in addition to the Interim Bonus Shares already issued @-Nil%. Bonus shares will not be entitled for the final cash dividend for the year ended 30th June, 2011.
(iii) Right Shares
The Board has recommended to issue Nil % Right Shares at par/at a discount/premium of Rs. Nil per share in proportion of Nil share(s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be/will not he applicable on Bonus Shares as declared above.
(iv) Any Other Entitlement/Corporate Action Nil
(v) Any Other Price-Sensitive Information Nil
Profit and Loss Account for the year ended 30 June 2011
We hereby inform you that the Board of Directors of Arif Habib Corporation Limited (AHCL) (formerly Arif Habib Securities Limited) in their meeting held on 14th September 2011 at 3:30 p.m. at Arif Habib Centre, M. T. Khan Road, Karachi have approved the following financial results:
|Loss on sale of securities – net||(14,377,233)||(139,966,515)|
|Gain on remeasurement of investments – net||2,346,458,738||2,680,034,051|
|Cain on distribution of shares||127,125,000|
|Operating and administrative expenses||(69,403,580)||(58,894,216)|
|Impairment loss on investments||(995,547,974)||(71,091,000)|
|Profit before tax||3,148,066,896||3,732,496,388|
|Profit after tax Rupees||2,840,479,564||3,798,465,494|
|Earnings per share – basic and diluted Rupees||7.57||10.13|
The Annual General Meeting of the Company will be held on Saturday, 22nd October, 2011 at 10.00 a.m. at Beach Luxury Hotel, Moulvi tamizuddin Khan Road, Karachi.
The Share Transfer Books of the Company will be closed from 14th October, 2011 to 22nd October 2011 (both days inclusive). Transfers received in order at the office of our Share Registrar M/s. Central Depository Company Pakistan Limited, CDC House, 99-B, Block-B, S.M.C.H.S. Main Shahrah-e-Faisal, Karachi at the close of the business on Thursday, 13th October, 2011, will be considered in time for the determination of entitlement of shareholders to cash dividend, bonus and to attend and vote at the meeting.
Resignation of Directors and Appointment on Casual Vacancies
Mr. Muhammad Akmal Jameel and Mr. Tahir Iqbal have tendered resignations from their directorships and are replaced by Mr. Muhammad Ejaz and Mr. Kashif Shah.
Free Reserves as at 30 June 2011
As per your request, we confirm that the free reserves of Arif Habib Corporation Limited (formerly Arif Habib Securities Limited) (“the Company”) according to the audited financial statements of the Company for the year ended 30 June, 2011 on which we have issued audit report will be more than 25 percent of the increased issued, subscribed and paid-up capital of the Company after the proposed issue of 37,500,000 bonus shares of Rs. 10 each. The term “free reserves” has been deemed to have the meaning given to it in Rule 5 and 6 of the Companies (Issue of Capital) Rules, 1996.
For more information, contact:
Arif Habib Corporation Limited
Formerly Arif Habib Securities Limited
Registered and Corporate Office:
Arif Habib Centre,
23 M.T. Khan Road, Karachi -74000