Karachi, General Tyre and Rubber Company of Pakistan Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on February 23, 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. 174,084 with earnings per share 2.91 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
The General Tyre and Rubber Company of Pakistan Limited is a public limited company incorporated in Pakistan. The company came into existence in 1963, in Karachi and commenced its production in 1964. The foundations of the company are laid under the Companies Ordinance, 1984. The company is engaged in the manufacturing of tyres and tubes for automobiles and motorcycles. The stocks of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is located at Karachi.
The company was established by General Tyre International Corporation of USA, with a total capacity of only 120,000 tyres per annum. GTIC sold 90% of their shares to the present owners M/s Bibojee Services Ltd. in 1977 and retained 10% of the ownership. In 1985, the company completed a major expansion, which took the capacity to 600,000 tyres annually.
The capacity of the Company stands at 2.3 million tyres approximately with potential to meet one third of the country’s demand. The current main sponsors of the company beside Bibojee Services are Pak Kuwait Investment Company, NIT and Continental AG of Germany. The remaining shares are held by the general public.
The symbol “GTYR” is being used by the stock exchanges for the shares of General Tyre and Rubber Company of Pakistan Limited.