Karachi, Ittehad Chemicals Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on February 24, 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. 137,844 with earnings per share 1.79 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Ittehad Chemicals Limited was established in 1962 under the name of United Chemicals. The operations of the company were commissioned in 1964. Under the Economic Reforms Order, United Chemicals was nationalized in 1971 along with other industries of the country and renamed as Ittehad Chemicals. The company was incorporated on September 28, 1991 and the factory was later denationalized in 1995 by the Privatization Commission of Pakistan. It operations of the company were initially managed by the Board of Industrial Management and thereafter the Federal Chemicals & Ceramics Corporation Limited under the Ministry of Production Pakistan. The registered office of the company is located in Lahore. The stocks of the company are quoted on the Karachi Stock Exchange of Pakistan.
The business activities of ICL are manufacturing, importing, exporting, packing, repackaging of Caustic Soda, Sodium Hypo Chlorite and other allied chemicals. The products which the company manufactures include caustic soda, sodium hypochlorite, liquid chlorine, hydrochloric acid, bleaching earth, chlorinated paraffin, zinc sulphate and calcium chloride.
The associated companies of ICL are Ittehad Developers and Jhelum Silk Mills Private Limited. The plant is located on GT Road for the production of Caustic Soda. The plant was set up by M/s OronzioDenora of Italy.
The symbol “ICL” is being used by the stock exchanges for the shares of Ittehad Chemicals Limited.