Karachi, Atlas Battery Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on August 26, 2021.
The agenda of the meeting was discussion of profit and loss account for Year ended June 30, 2021 which portrayed a profit of Rs. 897,878 with earnings per share 36.78 basic and diluted respectively.
Further, 40%payment of cash dividend, 15%bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from September 15, 2021 to September 29, 2021 (both days inclusive).
Atlas Battery Limited was incorporated in October 1966 and it had signed a technical collaboration agreement with Japan Storage Battery Co. Ltd., Japan in 1969 for production and sale of Japanese quality batteries in Pakistan. Atlas Battery started production in 1969.
The Company is a subsidiary of Shirazi Investments Private Limited, which holds 58.86% of issued, subscribed and paid-up capital of the Company as at June 30, 2020.
The Company manufactures a wide range of lead acid batteries suitable for passenger cars, trucks, tractors, heavy vehicles, motor cycles, construction and road-building equipment as well as stationary and industrial applications.
The numbers of shares the company has issued are 24,359,676. The Earnings per Shares in 2020 are (13.43) which was (24.32) in 2019. The Company had a loss of Rs. 327,099,000 in 2020 as compared to Rs. 592,463,000 in 2019.