Karachi, International Steels Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on January 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. 1,178,198 with earnings per share 2.71 basic and diluted respectively.
Further, 15% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from March14, 2018 to March 22, 2018 (both days inclusive).
International Steels Limited was incorporated on 3 September 2007 as a public unlisted company limited by the International Industries Limited. The foundations of the company are developed under the Companies Ordinance, 1984. The primary activities of the Company are business of manufacturing of cold rolled steel coils and galvanized sheets. The production capacity of the company is 250,000 tons per annum of cold rolled coils from which 150,000 tons is Hot Dipped Galvanized Steel. The commercial operations of the project initiated in January 1, 2011. The registered office of the company is located in Karachi. The stocks of the company are quoted on the Karachi Stock Exchange of Pakistan.
The equity contributions of the company come from Sumitomo Corporation and International Finance Corporation which has develop the country’s engineering and hi-tech manufacturing industries. The group organizations of the company include International Steel Limited, Pakistan Cables Limited and International Industries Limited.
The company has an Effluent Treatment Plant and an 18MW gas fired power plant. The power plant has started production and supplying to the KESC.
The symbol “ISL” is being used by the stock exchange for the shares of International Steel Limited.