Karachi: We are enclosing herewith 100 copies of Addendum to the Notice of Extraordinary General Meeting of the Company to be held on 31-01-2012, for distribution and Circulation amongst your members.
Extraordinary General Meeting Scheduled to be Held on 31.01.2012.
Addendum to Statement of u/s 160 of the Companies Ordinance 1984.
Current circumstance of the Textile Industries in our country, that the prices of all inputs (cotton/ polyester fiber etc) have escalated to its peak. Sharp increase in electricity rates and minimum wage of workers is effecting the profitability of the company, Un-scheduled extensive load shedding of electricity is aggravating the position.
In this above mentioned condition that the company could not succeed in restoring the operation of mills which has been suspended since 01.20.2008 due to heavy cash losses. However, as reported in half yearly statements for the period ended December 31, 2010, that company management entered into a license agreement with Din Textile Mills Ltd, for an initial period of one year starting from November, 2010. It has of course improved the liquidity position of the company, in addition to saving of fixed overheads during shutdown period.
Statement of Material facts u/s 160 of companies Ordinance.
It has been term of decided that the lease agreement with Din Textile Mills Ltd be renewed / extended for another one year commencing from November 2011. This will improve the liquidity position of the company and will save fixed overhead during shut done period. Also it will be in the best interest of shareholders.
|1.||Book Value of the assets as on 30-06-2011 to be lease out||Total Book|
|Value of Assets,|
|Land||Factory||Plant and||Furniture||Other dif||Rs.110,148,565|
|2.||Fair value of assets and information about fair value||Not Available|
|Revalue amount of Assets.|
|3.||Mode of Lease Through Negotiation|
|4.||Expected Lease Proceeds per annum||Rs. 25.8000 M|
|5.||Nature and extent of interest of any director in the matter||NIL|
|The directors have no interest in the above transaction.|
This Addendum is being circulated to the Shareholders Textile Mills Ltd in compliance with the Directives of the Securities and Exchange Commission of Pakistan, Islamabad.
For more information, contact:
Brothers Textile Mills Limited
135-Upper Mall, Lahore – Pakistan
P.A.B.X. 35767013-16 (4 Lines)
Fax: (024) 35710417