Chashma Sugar Mills secures 51% shareholding in Ultimate Whole Foods Ltd

MG News | July 15, 2021 at 02:04 PM GMT+05:00

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July 15, 2021 (MLN): The shareholders of Chashma Sugar Mills Limited have approved an investment of Rs204mn i.e., 51% shareholding in Ultimate Whole Foods Pvt Limited.

In addition, the shareholders also resolved to issue Corporate Guarantees amounting to Rs400mn to the Bank of Khyber and Rs425mn to MCB Bank Limited as security against Long Term Loan of Rs825mn to be obtained by Ultimate Whole Foods Pvt Limited.

They further authorized Chief Executive Officer (CEO) of the company to approve all the transactions conducted and to be conducted in the ordinary course of business with the Related Companies and in this connection the CEO has been authorized to take any and all actions and sign, execute all such documents as may be required in this regard on behalf of the Company.

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