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Ghani Glass: bonus shares announced

At a recent Board meeting, directors of Ghani Glass Limited announced 25% bonus shares and 10% cash dividend for shareholders as per financial results for the year ended 30 June 2006. This announcemen…

At a recent Board meeting, directors of Ghani Glass Limited announced 25% bonus shares and 10% cash dividend for shareholders as per financial results for the year ended 30 June 2006. This announcement is in addition to interim cash dividend at 20% already paid April 2006. A spokesman of the company said on 30 September 2006 that financial result of the company have shown considerable growth during the year 2006, while the company also achieved the highest track record of growth. Annual net sales increased from INR 1.389 billion to INR 2.680 billion, growth being 93%. Growth of 143% was also seen in net profit, which increased from INR 199.801 million to INR 485.043 million, while earnings per share increased from 6.30 to 9.13, 45% growth from 2005 due to a float glass plant merger and improved management. Investments of US USD 3 million in equity were also approved for a glass project to be set up in Ras Al Khaimah, UAE, under the name RAK Ghani Glass LLC. This project will see equal investments by Ghani Glass Limited and two other foreign companies for the glass markets of Middle East, European countries and the US. A project to meet the requirements of beverage companies such as Pepsi Cola and Coca-Cola, as well as an additional plant to produce green for NWFP and Punjab markets were also decided. Both plants will be set up at GGL-I Hattar.

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