Dawood Lawrencepur renews loan facility of up to Rs1bn provided to TGL for a further 1yr period

MG News | July 13, 2021 at 01:54 PM GMT+05:00

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July 13, 2021 (MLN): The Shareholders of Dawood Lawrencepur Limited (DLL), in their extraordinary general meeting approved to renew the second unsecured subordinated loan facility of up to PKR 1.0 billion provided to its subsidiary, Tenaga Generasi Limited (TGL), for a further one-year period.

In addition, the members also approved the issuance of a Corporate Guarantee in favor of Allied Bank Limited, as security against Running Finance (RF) / Money Market Loan (MML) of PKR 500 million to be obtained by Tenaga Geneiasi Limited (TGL), a subsidiary company of Dawood Lawrencepur Limited, subject to the approval of TGL's Lenders.

To giving effect to these special resolutions, the shareholders of the company authorized Chief Executive Officer / Chief Financial Officer, and the Company Secretary jointly to take all necessary actions and do all acts, deeds, and things including execution of documents and agreements for the purposes of implementing the aforesaid resolution.

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