Karachi, Towellers Limited, in their recent board meeting held on September 27, 2023, has approved the annual audited financial statements for the fiscal year ended June 30, 2023, and recommended a significant cash dividend for their shareholders.

The board has proposed a final cash dividend of Rs. 10 per share, which equals 100% for the year ended June 30, 2023. This substantial dividend comes in addition to the interim cash dividend of PKR 3 per share (30%) already paid.

Towellers Limited has been pursuing an expansion strategy over the years, making substantial investments that have significantly increased the enterprise value for their shareholders. As a result, the unappropriated profits of the company have been utilized and are not entirely available for distribution as dividends.

In light of this, the board has decided to reclassify a sum of Rs. 4 billion from the Revenue Reserves to separate Capital Reserves, which are undistributable by way of dividends. This decision aims to accurately reflect the nature of these reserves.

The Annual General Meeting of Towellers Limited is scheduled to take place on October 26, 2023, in Karachi. Shareholders entitled to the announced dividend should have their names registered in the Register of Members on October 18, 2023. The Share Transfer Book of the company will remain closed from October 19, 2023, to October 26, 2023, both days inclusive.

Towellers Limited continues to demonstrate its commitment to shareholders while aligning its financial strategies with its expansion goals and long-term sustainability.