• General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
  • Home
  • Submit News
  • Contact Us
  • About Us
Pakistan Newswire
Menu
  • General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
 › Dividend Distribution › Frontier Ceramics Limited’s placement of company on the non-complaint segment of the exchange on account of default of the listing regulation

Frontier Ceramics Limited’s placement of company on the non-complaint segment of the exchange on account of default of the listing regulation

Web Desk June 20, 2011     No Comment     Dividend Distribution

Karachi: As requested in our letter No.FCL/CA/04/003 dated 12th June 2010 that the company will be able to declare dividend for its shareholders for the year ending on June 30, 2011. We regret to state that due to recent terrorism and adverse Law and Order situation prevailing in the Province, particularly in Peshawar wherein Frontier Ceramics Limited (FRCL) is located, business/operations of the company were badly affected though performance Vs previous period remained better. And as communicated to you in the letter under reference no dividend could be recommended by the Board of Directors of the Company during the period.

A major reason ensuing non-payment of dividend, is regular payment of rescheduled /restructured long term loan (liability of the Company) as settled in the meeting of Committee for Revival of Sick Industrial Units (CRSIU), the present management took over the company as a sick unit. In this regard the management reached a settlement agreement dated June 26, 2008 regarding the payment of long term loan with the creditor banks. The loan was rescheduled to Rs. 168 million payable in a period of three years of the date of agreement through regular monthly installments of Rs. 4.38 millions. Accordingly, in case of any default in payment as per the terms and conditions of the agreement the waiver granted i.e. Rs 682 million to the company shall become ineffective and stand revoked and the company will be liable to pay full outstanding amount of loan including principal plus interest/markup etc. to the creditor banks. Unfortunately this was also qualified by the auditors of the Company in the financial statement for the year ended June 30, 2010.

Therefore, the management is under tremendous pressure for the fulfillment of its repayments commitment of agreed settled amount of bank loan by March 2012. Any default in monthly payments will consider violation of agreement and entitle the banks recovery of all loan amounts along with the waiver amount. Therefore, till the repayment of complete loan amount, it is not in the interest of the shareholders to delay the loan payment, the settlement of which is top priority of the management. A copy of the settlement agreement is enclosed for your kind perusal and ready reference.

It is therefore, requested to very kindly with hold the placement of Frontier Ceramics Limited on the non-complaint Segment and exempt the company from the payment of dividend minimum for a period of next two (2) years i.e. for the years ending June 30, 2011 and June 30, 2012 enabling Frontier Ceramics Limited which was rehabilitated being a sick unit to continue its operations for the benefit of the shareholders.

For more information, contact:
Fazle Khaliq
Company Secretary
Frontier Ceramics Limited
29-Industrial Estate,
Jamrud Road,
Peshawar, Pakistan.
E-mail: fortepsh@yahoo.com

Dividend Distribution
Frontier Ceramics Limited

 Previous Post

Khalid Siraj Textile Mills Limited’s placement of company on the defaulters’ segment of the exchange

― June 20, 2011

Next Post 

The Karachi Stock Exchange (Guarantee) Limited’s Right Shares Issue

― June 20, 2011

Related Articles

Web Desk ― October 21, 2015 | Comment Closed

Dispatch of interim dividend warrants of National Refinery Limited

Karachi: National Refinery Limited informed Karachi Stock Exchange that dividend warrants in respect of final dividend @ Rs.10 per share, i.e. 100% for year ended June 30, 2015 have been dispatched to shareholders by registered post or through courier ...

Web Desk ― May 21, 2015 | Comment Closed

Dispatch of interim dividend warrants of Kohinoor Energy Limited

Web Desk ― May 15, 2015 | Comment Closed

Dispatch of interim dividend warrants of High Noon Laboratories Limited

Web Desk ― May 13, 2015 | Comment Closed

Dispatch of interim cash dividend warrants of Bestway Cement Limited

Web Desk ― April 7, 2015 | No Comment

Dispatch of final interim dividend warrants of Bank Al Habib Limited

Web Desk ― April 1, 2015 | No Comment

Dispatch of interim dividend warrants of ICI Pakistan Limited

Web Desk ― April 1, 2015 | No Comment

Dispatch of interim dividend warrants of Synthetic Products Enterprises Limited

Web Desk ― January 14, 2015 | No Comment

Dispatch of dividend warrants of Trust Modaraba

Leave a Reply Cancel reply

You must be logged in to post a comment.

Search

Monthly Archives

Follow Us

Pages

  • Home
  • Submit News
  • Contact Us
  • About Us

Advertisement

Calendar

January 2021
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    


The strategy of the team behind “Pakistan news Wire.Net” is clear and it is to publish only authentic news as that is what the true journalism demands from any media outlet, and the “Pakistan News Wire. Net”, discourages the practice of opting for illegal approaches in order to get the ratings by any means. The more media outlets opt [...]

Archives

Search

Categories

  • General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
Copyright © 2020 - Pakistan News Wire. All Rights Reserved.