CDC Cancels Nearly 30 Million Shares, Adjusting Kohinoor Textile Mills’ Paid-Up Capital

Lahore, Kohinoor Textile Mills Limited (KTML) has announced the cancellation of a significant number of its ordinary shares by the Central Depository Company of Pakistan Limited (CDC). The CDC's action, carried out in accordance with Regulation 10(d) of the Listed Companies (Buy-Back of Shares) Regulations, 2019, marks a strategic adjustment to the textile giant's capital structure.

In a letter addressed to KTML and dated September 6, 2023, the CDC, with reference number CA/OPS-BUYBACK-23/06, confirmed the cancellation of 29,997,000 ordinary shares of Kohinoor Textile Mills Limited.

This move has a direct impact on the company's paid-up capital. Following the cancellation, Kohinoor Textile Mills' revised paid-up capital stands at Rs. 2,692,994,560. This capital is now divided into 269,299,456 ordinary shares, each having a face value of Rs. 10/-.

The cancellation of these shares demonstrates KTML's commitment to optimizing its capital structure and managing its shareholding effectively. Such adjustments are often made to enhance the company's financial flexibility, improve its overall financial position, and align its capital with its operational needs.

Kohinoor Textile Mills Limited continues to be a prominent player in Pakistan's textile industry, and this strategic decision regarding its share capital is expected to contribute positively to its financial performance and strategic initiatives.