Karachi: Adam Sugar Mills Limited informed Karachi Stock Exchange about the progress report on completion of the purpose of right issue. The total amount received was Rs. 288,182,700 consisting Rs. 115,273,080 for 200% right shares and Rs. 172,909,620 for shares premium. Company purchased fixed assets heavily and claimed that these fixed assets could not be reflected in their earning/ financial results.
Adam Sugar Mills Limited was incorporated in Pakistan in 1965 in the name of Bahawalnagar Sugar Mills Limited as a public limited company. In 1985 the name of the company was changed to Adam Sugar Mills Limited. The provisions and directives of the Companies Ordinance, 1984 prevail within the organization. The company is engaged in the business of manufacturing sugar. The registered office of the company is located in Karachi. The factory is situated in Punjab. The shares of the company are quoted on Karachi and Lahore stock Exchanges of Pakistan.
The symbol “ADAMS” is being used by the stock exchanges for the shares of Adam Sugar Mills Limited.