Karachi, Awwal Modaraba Management Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on February 15, 2018.
The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2017 which portrayed a profit of Rs. 56,480,581 with earnings per share 0.56 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Awwal Modaraba Management Limited (AMML) is licensed by the Registrar of Modarabas, Securities and Exchange Commission of Pakistan to float and manage multipurpose Modaraba Funds. The Company was incorporated on June 5, 2014 with an authorized and paid-up capital of PKR 300 million and PKR 105 million, respectively, as a wholly owned subsidiary of Pak Brunei Investment Company Limited (“Pak Brunei”).
The establishment of a Modaraba Management Company (MMC) is expected to translate into significant financial benefits for its shareholders and investors in the Modaraba funds.
The symbol “AWWAL” is being used by the stock exchange for the Awwal Modaraba Management Limited.