Author Topic: MLCF -- Maple Leaf Cement Factory Ltd.  (Read 197355 times)

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Toshi

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MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #-1 on: November 07, 2009, 10:49:41 PM »
All About Maple Leaf Cement
« Last Edit: September 25, 2012, 09:15:42 PM by M&M »

Pakinvestorsguide

MLCF -- Maple Leaf Cement Factory Ltd.
« Reply #-1 on: November 07, 2009, 10:49:41 PM »

Toshi

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Re: MLCF --- Maple Leaf Cement
« on: November 07, 2009, 10:51:27 PM »
MLCF - Financial Statements Analysis Financial Year 2003- Financial Year 2009

INTRODUCTION
OVERVIEW (November 07 2009): Maple Leaf Cement is a part of Kohinoor Maple Leaf Group (KMLG). The Group comprises of companies, which are ranked amongst the top companies in the cement and textile sector. Maple Leaf Cement Factory Limited (MLCFL) is one of the pioneers of cement industry in Pakistan.

MLCFL owns and operates three production lines for grey and three production lines for white cement. The plants are located at Daudkhel District Mianwali. Total annual clinker capacity of the Company is recorded at 3,690,000 tons.

OVERVIEW OF THE ECONOMY

The economy of Pakistan has faced a huge slump this fiscal year with the GDP growth mounting to just 5% for 2008 and it's expected to be just 2% this year. The economy witnessed surging inflation rates with inflation touching 25% high and so was the case with interest rates. The melt down of the stock exchange reflected a sheer drop in stock prices and the fall of real estate markets followed.

The reduction of expenditure in the real estate and construction business had adverse effects on the cement sector. This is evident by drop of investment as a percentage of GDP from 22.5% to mere 19.1% this year. To make matters worse, the electricity and water shortages girded the industries and caused high losses. This fiscal year's beginning saw highest oil prices ever and the subsequent of this high price was suffered by each and every industry.

PROFITABILITY The cement sector saw growth of 2% in fiscal year 2008-2009. However, exports showed encouraging increase of 47% with sales volume reaching 11.381 million tons against last year's volume of 7.716 million tons. Demand in the local market showed negative growth of 14% due to adverse economic situation in the country.

This growth was seen because of a large number of companies looking for new avenues outside the Pakistani market. Those who were very successful tried to reach the Middle East and the African markets. They capitalized on the growth potential of the countries that are in a process of reconstruction like Iraq and Somalia. However, Maple Leaf Cement focused on India and after Mumbai attacks the suffered a lot as India imposed duties. Despite all the problems, their sales increased .

The production of grey, white and oil well cements by the Company at 3,174,512 metric tons compares favourably to 2,431,352 metric tons in the corresponding period last year. Increase in production is mainly due to addition of 6,700 tpd clinker capacity plant and oil well cement commencing commercial production.

Net sales Revenue doubled at Rs 15,251 million against the corresponding period last year of Rs 7,816 million. Sales volume was recorded at 3,165,770 metric tons for all cements as compared to 2,534,220 metric tons in the previous year in both local and export markets. The increase in sales for Maple Leaf Cement in FY'09 was 95. 13%. If we break it up further, 52.34% increment was witnessed in local sales while 175.12% rise was witnessed in export sales.

Maple Leaf cement despite increase in sales was unable to lift its profits. If we compare it with the other companies in the industries, Maple leaf Cement has underperformed. Actually it has shown worst performance this fiscal year. All the companies that had showed losses or decreased sales have improved but Maple Leaf incurred further losses. This high increase in sales was coupled by 59% increase in cost of goods sold. The major chunks that caused such high increment in CGS for Maple Leaf Cement were 57.31% increase in packing material consumed, 90.07% increase in fuel and power expense and 71.63% increment in rents, rates and taxes.

This huge increment in aforementioned expenses was because of multiple reasons. The first being electricity shortage in the city. The nation witness unprecedented power outages this year. This has adversely affected the operations of the industrial sector. Even if they use the generators, the surging fuel prices don't help. Despite the drop in international prices of oil, there was not a drop in Pakistani market because of removal of subsidy on oil. This removal was because of conditions imposed by IMF for bestowing loan to Pakistan. The loan demands removal on subsidies and increase in price of the energy sector.

THESE ADVERSE EFFECTS HAVE DETERIORATED THEIR PROFITABILITY RATIOS AS SHOWN BELOW:

Their gross profit margin has increased steadily as 274.36% increment was witnessed in gross profit due to 95.13% rise in net sales. However, we see that once again profit margin shows negative sign. Although the situation has improved from -8.65% to -6.45%, the condition is not good. The cement sector has improved a lot this year but it seems that Maple Leaf is the worst performer. One must also notice that the financial charges have increased by 87.77% because of surging interest rates. This rate is very high because of conservative approach by State Bank of Pakistan. As shown by the following graph from state bank of Pakistan, the surging discount rates of this fiscal year were very high:

Moreover, as they made loss last year, this year their credit rating would have been worsened. This is evident by their increased mark-ups. They need to diversify their markets or increase sales because the return to assets and to equity has gone down by 48.16% and 80.94% respectively. This is also evident by reduction in their equity by 19.65% this year and hence, leading to a 51% reduction in earnings per share.

LIQUIDITY

Due to immense losses accumulated by Maple leaf cement this year, their liquidity is also affected. They are worse off at this avenue as well with current ratio going down by 35.54% because of 13.01% reduction in current assets while 34.95% increment in liabilities maturing within this year. They increased their short term borrowing by 30.05% in order to meet liquidity requirements. The current ratio of 0.52 is an alarm bell as the company will not find it easy to pay off its liabilities and they have huge liabilities coming up this year. It is also worthwhile to mention that their current assets contain deferred taxes of 162 million. This shows that they will have difficulties this year in paying off liabilities.

ASSET MANAGEMENT

In an attempt to recover from their previous year's loss, they employed ingenious techniques. They are now getting their trade debt cleared quickly and this improvement is by about 52%. A reason for this quick conversion is export oriented approach. The government of Pakistan has made it mandatory to do transactions in foreign countries via Letter of credit. This allows them to get money before maturity and hence their receivables are being collected sooner. There is a 5.43% decline in the time they take to sell of the inventory. This fall in time is because of export centric approach again. However, the reduction would have been significant had the Mumbai attacks not happened. Currently they hold inventories worth 651 million rupees that is 49.97% higher than what was last year. Consequently, their operating cycle is now 28.86 days that is 33.33% less than last year. This reduction in operating cycle shows that they have improved their operations but not to the extent that they get into the profit zone.

The inventory turnover rate has improved by 5.74% that means that they are generating more sales on the same amount of inventory. Once again this rise is due to increase prices. One must also take into notice that the cartel formation of cement manufacturers caused inflated price that went up to Rs 300 per bag. There is 142.86% rise in sales to equity ratio. This ratio being mathematical has its shortcomings and this huge increment is not just because of sales but also because of reduction in equity by 19.65%.

DEBT MANAGEMENT

Maple Leaf Cement Factory limited has incurred losses this fiscal year again. This has led to reduction in shareholder's equity by 19.65% as mentioned above. Their liquidity has also gone down. Now in order to finance their assets, they have incurred loans. These loans are of both short term and long term in nature. Their Long term debt has increased by 242.22% this year. This huge increment is because of following reasons: First they entered into a financing agreement in HBL for a Waste Heat Recovery plant worth 1.16 billion. The second reason is payment of tranches of their long term loan. Their long term loans have now matured and they have to pay them back as well.

Due to increased debt and reduced equity, their debt to equity ratio has rose by 32.52% while debt to asset showed just 8.5% rise. This shows that basically they have restructured their balance sheet and because the increase in debt is only being used as a means of providing a cushion for the reducing equity. Their TIE has increased by 195.07%. However, this ratio being mathematical may be misleading. Firstly, one must acknowledge that they have done robust activities for sales and increased their earnings before interest and taxes by 453.45%. However, due to high loans, the financial charges also surged up by 87.57%.

MARKET VALUE

The trend of incurring loss continued from the last year and hence the earnings per share this year revealed negative results. Since the appropriation of losses has been done, the Earnings per share have reduced dramatically. It's lower by 56.70% this year. The slump in the stock market led to the fall of stock prices. Since it was a systematic risk, Maple Leaf Cement was not the only one affected from it. One must see that price earnings ratio has improved. This is because the price has reduced by 40% while the Earnings have reduced by 56.70%. This does not mean that the company has performed well this year. A higher PE multiple just means that the market is showing more confidence in Maple Leaf Cement Factory.

VOLATILITY

The returns of Maple Leaf Cement Factory showed just 0.3% variance in returns with a mean return of 0.574%. This means that Maple Leaf Cement is not very volatile and the investment is pretty safe as the ups and downs do not affect the stock as such. This is also to be considered that they have 115.12 million shares in the free float out of 372.263 million shares. This shows that the share prices are very good reflection of the sentiments in the market.

FUTURE OUTLOOK

The government of Pakistan has recently announced the largest Public sector development program this year. This plan is worth 646 billion rupees. Of this budget 25 billion has been allocated to the earthquake rehabilitation and 67.59 billion towards building of dams. This shows that the domestic demand would increase in Maple Leaf being the 3rd largest in terms of market share would earn fair share from the pie. Moreover, they are planning to venture into African markets that are also a viable option as we saw Attock Cement venturing into Middle East and Somalia, which led to unprecedented profits this year.

The electricity would be an issue for them this year as the rental generators will provide expensive electricity and IMF loan tranche asks the government to raise prices further in December and in April. Finally recovery of the global economies will slowly and gradually open room for real estate again.

COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi,

Offline Admin

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Re: MLCF --- Maple Leaf Cement
« Reply #1 on: December 10, 2009, 12:52:10 PM »

KARACHI: Banks in Pakistan were stunned at the information that a major cement company has expressed inability to payback Rs8 billion Sukuk bonds and has asked the creditors to restructure the payment schedule.

Banking sources said in a meeting held on Friday last with the bankers and income fund managers, Maple Leaf which issued the Sukuk, asked the bankers to restructure the financing.

The re-payment of Sukuk is due from June 2010 in eight semi-annual installments, said the sources.

This could be the first possible default of the Islamic Term Finance (Sukuk) involving such a large amount.

The largest creditor of the Sukuk was the Allied Bank which has an exposure of Rs3.19 billion.

It might put an additional burden on the balance sheet of the bank as all most all banks have been facing tough time for the last couple of years.

When contacted, the ABL did not comment on the situation. Sources said the bank was negotiating for better deal with the company.

Analysts said that Habib Bank has increased its exposure to Rs1.6 billion in the Sukuk. Bankers said there was no option than restructuring as the company has shown its inability to pay back.

Bankers said the company has offered non-voting shares against the credit given by the banks but the banks were not ready to accept the non-voting shares.

Bankers expressed doubt that voting shares might make the owners of the company a minority shareholder.

A senior banker said the possible default of the Sukuk could hurt the credibility of newly born Islamic banking product but the most important aspect of the failure of Sukuk is that a company having best track record is unable to pay back its loans. The weak economic growth forced a large number of companies of various sectors to close down their businesses; they defaulted and piled up massive non-performing loans in the balance sheets of the banks.

Only last year banks witnessed over Rs100 billion NPLs.

‘ABL has the largest exposure among banks, Rs3.2bn which amounts to 12 per cent of Bank’s total capital,’ said a KASB Securities report issued recently.

It said HBL Income Fund initially had an exposure of Rs35 million which was raised to Rs1.6 billion.

Faysal Bank has an exposure of Rs900 million, MCB Bank Rs625 million, Askari Bank Rs175 million, Arif Habib Bank Rs175 million, Soneri Bank Rs150 million; BOP Rs100 million, Bank of Khyber Rs100 million and HSBC Pakistan Rs150 million.

Analysts said almost all sectors of the economy are under sever stress due to weak economic growth which is also an outcome of mounting terrorism inside the country expelling foreign investors from the country while causing massive losses to manufacturing and trading sectors.

Very high interest rates increased the cost of doing business while causing failure of businesses, leading to a build-up of NPLs.

Analysts said the situation was also reflected through insignificant borrowing by the private sector through banks.

Banks are main supplier of credit to entire economic system

Offline 007

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Re: MLCF --- Maple Leaf Cement
« Reply #2 on: December 10, 2009, 01:33:08 PM »
big news

will affect all cement stocks

Offline Learner7

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Re: MLCF --- Maple Leaf Cement
« Reply #3 on: December 10, 2009, 03:00:23 PM »
Pacra down rates Maple Leaf Cement

LAHORE: The Pakistan Credit Rating Agency Limited (PACRA) has downgraded the long-term and short-term entity ratings of Maple Leaf Cement Factory Limited (MLCFL) to "BBB-" (Triple B Minus) and "A3" (A Three), respectively.

The rating of secured Sukuk of Rs8,000 million has also been downgraded to "BBB" (Triple B). The outlook on these ratings is 'Negative'. These are the lowest investment grade ratings.

The ratings reflect stressed financial profile of the company, mainly on the outcome of its highly leveraged capital structure and subdued cash flows that have severely impacted Maple Leaf's ability to meet its financial obligations on a timely basis. Meanwhile, the business prospects of the company are subdued due to challenging dynamics of the cement sector. The management  of the company is currently in negotiations with lenders for debt restructuring. However, the forbearance by most investors, mainly in the company's Sukuk, may exhaust very soon. Hence, favorable restructuring remains critical for the sustenance of the ratings at current level, which, otherwise, are under significant downward pressure

Offline Farzooq

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Re: MLCF --- Maple Leaf Cement
« Reply #4 on: April 03, 2010, 09:53:00 AM »
MAPLE LEAF SUKUK: Restructuring in the Offing?
Maple Leaf Cement Factory announced a meeting of the Board of Directors on April
5, 2010 to discuss the restructuring of long term loans and the proposal of further
issue of shares. Maple Leaf Cement Factory and its parent company Kohinoor
Maple Leaf Group will undergo restructuring with a possibility of an increase in
equity for the companies.

Maple Leaf Sukuk issue was offered in the fiscal year ending June 2008 with a par
value of PKR8bn to assist in replacement of conventional debt with Shariah
Compliant Financing. The tenor of the Sukuk issue is 6 years with 2 years grace
period and carries a profit at 6M KIBOR + 170bps.

As at Dec09, outstanding debt for the company stands at PKR17.5bn. Offering semi
annual payments, the first principle payment was originally due in June 2010. Maple
Leaf Cement Factory defaulted on its Dec09 coupon payment of PKR617mn.

As reported in the December 2009 Financial Statements, the severe downturn in the
cement sector has forced the company to seek a restructuring of its long term Sukuk
and syndicated loan arrangements. While this restructuring was scheduled to come
into effect by March 2010, this has been delayed.

Provided the restructuring is successfully implemented, it is possible that coupon
payments will be moved forward and the tenor of the Sukuk would increase beyond
the six year mark. Fixed income funds that have provided for the company’s bonds
are likely to benefit in the event that the restructuring goes through.
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Offline 007

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Re: MLCF --- Maple Leaf Cement
« Reply #5 on: April 04, 2010, 08:49:15 PM »
rumour of some foerign investment in it,

cannot confirm it

Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #6 on: April 05, 2010, 01:03:57 PM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #7 on: April 05, 2010, 02:47:11 PM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:

Offline Farzooq

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Re: MLCF --- Maple Leaf Cement
« Reply #8 on: April 05, 2010, 02:49:39 PM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:


yehi kaam anl ne karna hai

tu mlcf laoo aur anl lee kiun ???

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Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #9 on: April 05, 2010, 02:52:11 PM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:



yehi kaam anl ne karna hai

tu mlcf laoo aur anl lee kiun ???



But who knows key ANL ka right kitnay main ayey ga. MLCF ka too pata chal giya hey. Waisay bhee Rs 6.5 pay kaun bharay gaa agar market price 4.5 rahee. Zaroor issko opeer lay gayen gey  :biggrin:
« Last Edit: April 05, 2010, 02:57:03 PM by Farzooq »

Offline Farzooq

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Re: MLCF --- Maple Leaf Cement
« Reply #10 on: April 06, 2010, 09:28:23 AM »
Sukuk restructuring: Maple Leaf recommends further issue of 153.846m shares
RECORDER REPORT
KARACHI (April 06 2010): In order to ensure an orderly and timely restructuring arrangements of long term Sukuk and Syndicated loan, the board of directors of Maple Leaf Cement Factory on Monday recommended further issue of 153.846 million ordinary shares of Rs 10 each other than rights at Rs 6.50 per share at a discount of 35 percent.

The board of directors of the company said that the issue of these ordinary shares would be other than rights to Kohinoor Textile Mills Limited. The board took this decision in its meeting held on Monday with the condition that the existing shareholders shall have right to subscribe shares in proportion to the paid up value of shares held be them as on April 26, 2010 out of the above-mentioned ordinary share at the aforesaid price within 45 days of the issuance thereof.

However, it would subject to approval of shareholders and Securities and Exchange Commission of Pakistan (SECP). The ordinary shares so issued shall rank pari passu with the existing shares in all respects. About the purpose of further issue of shares at discount other than rights, it was stated that the company has come under stress due to low selling prices of cement in local market, sharp increase in mark up rates, high distribution costs, imposition of high taxes, cut throat domestic competition among producers and various others adverse factors.

The company has been forced by the lenders to seek a restructuring of its long term Sukuk and Syndicated loan arrangements, which were availed to finance the 6,700tpd expansion project, an information sent to Karachi Stock Exchange (KSE) said. Owing to condition imposed, the sponsors have agreed to inject fresh funds of one billion rupees into the company in order to improve its cash flow and equity base.

The proposed issue will benefit the company in successful completion of restructuring of long term loans, improvement in liquidity, reduction in leverage risk, strengthening of capital base and improvement in lenders' confidence. The funds generated from further issue of shares other than rights at a discount of 35 percent would be utilised for payment of mark up and working capital requirements of the company.
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Offline Dr nouman

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Re: MLCF --- Maple Leaf Cement
« Reply #11 on: April 06, 2010, 10:06:25 AM »
so wats the out come?
buy call :skeptic: ?
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Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #12 on: April 15, 2010, 10:39:47 AM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:

MLCF will soon go upto Rs 6/= INSHALLAH  :goodc:  :biggthumpup: Just wait for approval of right shares at 6.5 in BM. Date of BM not yet announced

Offline 007

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Re: MLCF --- Maple Leaf Cement
« Reply #13 on: April 15, 2010, 02:25:35 PM »
MLCF - Rights Issue and Conference Call Takeaways
According to a notice issued by Maple Leaf Cement Factory Limited (MLCF) on Apr05'10, the company has announced a rights offer of 153.8mn shares at PKR 6.5 per share. The company is expected to raise a sum of PKR 1bn through this offer. The purpose of this equity injection is i) to make payments for the accrued markup on the loan and ii) to meet the company's working capital requirements. Furthermore, incase of non-subscription from other equity holders, the company's sponsor Kohinoor Textile Mills Limited (KTML) has pledged to subscribe the remaining shares.

Outlook - Financial charges a major concern
All said, the company's financial charges remain the major concern. At PKR 1.1bn financial charges are well above company's earnings from core operations which stood at PKR 126mn in 1H FY10. Despite, the recent uptick in cement prices and a 35% freight subsidy on export from the GoP, we still remain cautious about the company's future profitability. Based on our projection and the company's conference call communiqué positive earnings for the company is hinged upon appreciable recovery in cement prices to the tune of PKR 40/bag to PKR 300/bag levels in the north; the company's major market. Given the prevalent scenario, we do not expect prices to re-rate to these levels in the near term prompting us to advise a cautious stance on the scrip.

IGI Research

« Last Edit: April 15, 2010, 02:54:11 PM by M.Bilal »

Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #14 on: April 19, 2010, 10:27:32 AM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:

MLCF will soon go upto Rs 6/= INSHALLAH  :goodc:  :biggthumpup: Just wait for approval of right shares at 6.5 in BM. Date of BM not yet announced

Go Maple Go. You can do it boy  :fingerscrossed1:  :biggthumpup:

Offline alikhan_2010

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Re: MLCF --- Maple Leaf Cement
« Reply #15 on: April 19, 2010, 10:39:09 AM »
Sumbul Brother, MLCF ya Silk donun main say ziada konsa recommend karain gay, plz reply, Thanks.

Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #16 on: April 19, 2010, 10:44:39 AM »
Sumbul Brother, MLCF ya Silk donun main say ziada konsa recommend karain gay, plz reply, Thanks.

SILK

Offline alikhan_2010

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Re: MLCF --- Maple Leaf Cement
« Reply #17 on: April 19, 2010, 10:46:31 AM »
Bundle of Thanks Brother for yr precious reply

Offline sumbul

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Re: MLCF --- Maple Leaf Cement
« Reply #18 on: April 20, 2010, 11:13:40 AM »
Maybe I am wrong but I have a gut feeling and it will fly soon  :skeptic:

153M right shares to be issued at 6.50. 1 billion invested the sponsors  :shoaby: :shoaby: :banana: :banana:
Laaaaaoooo MLCF atleast Rs 6/= main  :biggthumpup:

MLCF will soon go upto Rs 6/= INSHALLAH  :goodc:  :biggthumpup: Just wait for approval of right shares at 6.5 in BM. Date of BM not yet announced

Go Maple Go. You can do it boy  :fingerscrossed1:  :biggthumpup:

 ::)  :biggrin:  :goodc:  :biggthumpup:  :laugh: