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SMB Leasing PLC has summoned an extraordinary general meeting on November 22 to consider a resolution for reducing its stated capital of approximately Rs.1.15 billion to Rs.510.5 million without changing the number of shares in issue.
This measure has been proposed in view of the company’s brought forward losses of Rs.636.4 million which must be wiped off prior to any distribution of dividends. Shareholders have been told in a circular.
"The Board of Directors of the company having reviewed the financial statements of the company are of the view that if the company makes profits it should be in a position to declare dividends to its shareholders," it explained.
In the circumstances, ``the directors are of the view that it would be in the best interest of the company to set off the brought forward losses of Rs.636.4 million against the company’s stated capital.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=38439#
This measure has been proposed in view of the company’s brought forward losses of Rs.636.4 million which must be wiped off prior to any distribution of dividends. Shareholders have been told in a circular.
"The Board of Directors of the company having reviewed the financial statements of the company are of the view that if the company makes profits it should be in a position to declare dividends to its shareholders," it explained.
In the circumstances, ``the directors are of the view that it would be in the best interest of the company to set off the brought forward losses of Rs.636.4 million against the company’s stated capital.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=38439#
