KARACHI: Kohinoor Textile Mills Limited (KTML) on Thursday shared information disclosing that its senior management has avail an amnesty scheme of undeclared foreign assets.
A communication sent to Pakistan Stock Exchange (PSX) stated that the following shareholders of KTML informed that they had made to the Federal Board of Revenue (FBR) declarations of assets acquired/held outside Pakistan in July 2018 under the Foreign Assets (Declaration and Repatriation) Act, 2018 and intimated about their beneficial ownership of KTML.
Following is shareholding detail prior to the declaration by virtue of the Declaration Act:
01. Taufique Sayeed Saigol, Chief Executive Officer/Director, shareholding in KTML is 43,425,059, the percentage of paid up capital is 14.51 per cent.
02. Mrs. Shehla Tariq Saigol, substantial shareholder, shareholding in KTML is 30,377,143, the percentage of paid-up capital is 10.51 per cent.
Further, the above shareholders of KTML are indirectly ultimate beneficial owners in the proportion of 50 per cent each in the following two foreign companies which are also substantial shareholders of KTML as under:
01. Mercury Management Inc., BVI (MMI), substantial shareholder, shareholding in KTML is 73,390,890, percentage of paid-up capital is 24.52 per cent.
02. Hutton Properties Limited, BVI (HPL), substantial shareholder, shareholding in KTML is 49,639,992, percentage of paid-up capital is 16.59 per cent.
Accordingly, it is notified that, pursuant to the Declarations made under the Declaration Act, their aggregate shareholding in KTML is as under:
The shareholding of Taufique Sayeed Saigol, Chief Executive Officer / Director in KTML after including assets declared under amnesty scheme increased to 106,940,503 or percentage of share capital in KTML increased to 35.06 per cent.
Similarly, the shareholding of Mrs. Shehla Tariq saigol, a substantial shareholder in KTML after including assets declared under the amnesty scheme increased to 91,892,587 or percentage of share capita in KTML increased to 30.70 per cent.
The communication sent to the PSX, the company said: “In accordance with the highest legal ethical standards and acting out of abundant caution in a wholly precautionary way, the above-named shareholders have declared their proportionate shares of indirect shareholding ownership held in KTML through MMI and HPL managed by Saim Family Trust, a Settler Reserved Discretionary Trust.”
Assets held and controlled by this Discretionary Trust would only be available to the beneficiaries at the discretion of the trustees, whenever distributed, it added.
“It is clearly stated that such assets are not yet distributed by the Trustees.”