Material Information of Huffaz Seamless Pipe Industries Limited

Material Information

Karachi, Huffaz Seamless Pipe Industries Limited informed Pakistan Stock Exchange that In accordance with section 96 of securities Act 2015 and Clause 5.6.1 (a) (iv) PSX Regulation, the Company hereby inform you that the Board of Director in its meeting held on 20-Sep-2021 & 21-Sep2021 has approved through majority vote to sale the un-utilized I idle land as per section 183(3) (a) (i) (ii) situated at 90 Kilometer super highway, Nooriable, district Jamshoro, subject to successful negotiation with the buyer and meeting all the requisite formalities including approval of relevant authorities.

In accordance with section 96 of Securities Act 2015 and Clause 5.6.1 (a) (ii) of PSX Regulation, the Company hereby inform you that the Board of Director of the Company in its meeting held on 20-Sep2021 & 21-Sep-2021 decided to grant approval through majority vote to the management to pursue, negotiate and finalize the terms of a joint venture with Other Company for setting up a project for providing GRP Pipes to its prospective customers (“Project”) through a separate joint venture company (“JV Co.”) on the basis of a 50%:5O0/0 shareholding of the JV Co. and for this purpose the Chief Executive Officer of Huffaz is authorized to take all necessary action including finalize an appropriate joint venture agreement with Other Company subject to the final approval of the Board of Directors and all regulatory approvals.

Huffaz Seamless Pipe Industries Limited was incorporated in Pakistan on October 9, 1983 as a public company limited by shares. The principal objective and business of the Company is manufacturing and selling of seamless steel pipes and tubes (tubular products). The Company also has a coating facility capable of applying three layer high density polyethylene coating, polypropylene coating and tape coating on steel pipes.

The total numbers of shares are 55,484,300. The Earnings per share is (0.11) in 2020 which was 0.04 in 2019. The Profit after Taxation is (6,094,000) in 2020 which was 2,205,000 in 2019.