Karachi November, 22, 2021: Pakistan Stock Exchange has notified that it has issued Show Cause Notice for initiating winding-up proceedings against M/s. Imperial Limited ("I M L") in June 2019 and now SECP has dropped the winding-up proceedings initiated against IML vide Order dated November 18, 2021 notified by IML on November 19, 2021 through PUCARS. Consequently, IML has rectified the default of clause 5.11.1. (I) of PSX Regulations. In view thereof, IML shall be shifted to the "Normal Counter" of the Exchange with effect from Tuesday, November 23, 2021.
The Company is pursuing the new Business Plan as approved by the shareholders. The funds realized upon disposal of Assets located at Phalia will be utilized in line with the Principal Line of Business of the Company.
A L S O || R E A D
Main bottlenecks causing delay in disposal of Assets include impediments like large size of transaction & prevailing sluggish macro-economic conditions and COVID-19 in the country and around the Globe. However, the Management remains optimistic about the disposal of the remaining assets in the forthcoming months.
In first nine months of ongoing financial year company earned revenue of Rs. 195.642 million against revenue of Rs. 277.060 million in the corresponding period last year against placement of funds with various financial institutions.
Operating Profit for the period recorded at Rs. 130.756 million whereas this amount was Rs. 209.440 million last year in the corresponding period. The Company earned net profit after tax of Rs. 93.420 million as compared to Rs. 174.538 million for the same period last year. Earning per share for the nine months recorded at Rs. 0.94 (Jun 30, 2020: Rs. 1.76).
A L S O || R E A D
The Board of Directors of Imperial Sugar Limited, at a meeting held on January 4, 2019, considered and approved the sale of freehold land, buildings on freehold land, plant and machinery and other assets of the Company located at K armanwala, Tehsil Phalia, and District Mandi Bahauddin, a notification by the company revealed on Monday.
Accordingly, the board seek consent of Shareholders in the forthcoming Annual General Meeting regarding the disposal and sale of Company's assets comprising of freehold land, buildings on freehold land, plant and machinery, furniture, fixture and equipment and other assets.
About Imperial Limited
Imperial Sugar Limited was incorporated in Pakistan on 09 May 2007 under the Companies Ordinance, 1984 (Now the Companies Act, 2017). During the year, the Company changed its principal line of business. The new principal line of business is to carry on the business of buying, selling, holding or otherwise acquiring or investing the capital of the company in any sort of financial instruments but not to act as an investment / brokerage company.