Amtex cancels dividend

KARACHI: Directors of Amtex Limited have disapproved of the dividend declared for fiscal year 2010 following one of the major banks from whom the company had made heavy borrowing objected to the payment, says a notice sent to the Karachi Stock Exchange on Friday.

The company had declared a dividend for only 25 per cent of shareholders on August 25.

The company is under an agreement with the bank having a covenant to obtain No Objection Certificate (NOC) from the bank for dividend payment.

Published in The Express Tribune, October 16^th, 2010.