Karachi: Further to our letter No. TL/2011/01/26 dated August 29, 2011 on the subject and we are pleased to enclose herewith the auditors’ certificate of free reserve for issuance of bonus share @ 20%.
Certificate on Residual Free Reserves for the Issue of Bonus Shares
This has reference to your letter dated 26 August 2011 of above mentioned subject. As required, we have reviewed the computation of residual free reserves for the issue of bonus Shares made by the Company and have ascertained, from the Company’s financial statements for the year ended 30 June 2011, that the residual free reserve in terms of the meaning given to free reserves in the Companies (Issue of Capital) Rules, 1996 after the proposed issue of bonus shares of face value of Rs. 61.386 million would be higher than 25% of the enhanced paid – up – Capital of Rs. 368.318 million.
This certificate is being issued on the request of the Company for the purpose of issue of bonus shares in accordance with Rule 6 of the Companies (Issue of Capital) Rules, 1996.
For more information, contact:
Ali Asghar Moten
4th Floor, House of Habib,
3-Jinnah C.H. Society,
Block – 7/8, Sharea,
Faisal, Karachi – 75350
Tel: (92-21) 431-2030
Fax: (92-21) 431-2318