Lahore, Gulistan Spinning Mills Limited has released significant updates following its recent Board of Directors meeting held on August 22, 2023, in Lahore.

The Board recommended the following proposals:

1. Cash Dividend: The company announced a cash dividend of NIL.

2. Bonus Shares: No bonus shares will be issued.

3. Right Shares: No right shares will be offered.

In addition to these recommendations, the company unveiled its financial results for the stated period:

Sales - Net Cost of Sales

Gross (Loss)/Profit

Operating Cost

Administrative and General Expenses

Other Operating Expenses

Net Other Income

Operating (Loss)/Profit

Finance Cost

(Loss)/Profit before Taxation

Taxation

(Loss)/Profit after Taxation

The Board also provided updates on the company's ongoing scheme of arrangement with creditors. The scheme, which has already received approval from both shareholders and creditors, has been signed and submitted in the Sindh High Court, Karachi. Pending the court's sanction, the scheme is expected to become binding and operative, leading to the withdrawal of litigation with banks as per the arrangement.

Furthermore, the Board decided to convene the Annual General Meeting for the year ending June 30, 2022, on September 13, 2023, in Karachi. As part of the preparation for this meeting, the Share Transfer Books of the company will remain closed from September 06, 2023, to September 13, 2023. Transfers received by M/s Hameed Majeed Associates (Pvt.) Limited in Karachi at the close of business on September 05, 2023, will be processed within the stipulated time.

These developments highlight the company's commitment to transparent governance, financial stability, and the interests of its stakeholders.