Ref No.389-KSE May 30, 2012
The General Manager,
Karachi Stock Exchange (Guarantee) Limited,
Karachi. Fax No. 111-573-329
Dissemination of Material Information
We have to inform you that in order to restrict the potential exposure / liability of the Company, the Company has decided to avail the scheme offered by the Federal Bureau of Revenue (FBR) vide their SRO 547 dated 22 May 2012 and pay Rs. 1,615,474,998 in connection with the case of levy of tax by FBR on issuance of shares against the project development costs. The background information on this case is available in note 11.2 to the condensed interim unconsolidated financial statements for the period ended March 31, 2012 which are already available with you and are also readily available on the Company’s website (for easy reference copy of the note is attached).
The Company strongly believes that it is not liable for this tax and will continue to vigorously defend itself before the Honourable Supreme Court of Pakistan. The Company, its tax and legal advisors strongly believe that the Company has a strong case and eventual outcome ought to be in favour of the Company and the tax paid will become refundable.
You may please inform the members of the Exchange accordingly.
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