Loads shareholders approve Rs903m loans for subsidiary

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MG News | October 20, 2026 at 03:46 PM GMT+05:00

October 20, 2026 (MLN): Shareholders of Loads Limited (PSX: LOADS) have approved two long-term loan facilities totalling up to Rs902.56m to the company’s subsidiary, Multiple Autoparts Industries (Private) Limited (MAIL), at the 46th Annual General Meeting.

The first facility, of up to Rs652.56m (Rs652,563,695), will be created by adjusting an equal amount of the existing receivable from MAIL, with no fresh cash disbursement by the company. The second, of up to Rs250m, may be disbursed in one or more tranches, provided the aggregate principal outstanding does not exceed Rs250m. Both are meant to meet MAIL’s working capital requirements, and the second also covers its financial obligations.

Term

Facility 1

Facility 2

Amount

Up to Rs652.56m

Up to Rs250m

Nature

Adjustment of existing receivable from MAIL

Disbursed in one or more tranches

Tenor

Up to 7 years

Up to 7 years

Markup

3-month KIBOR + 3.00% p.a.

3-month KIBOR + 3.00% p.a.

Markup payment

Quarterly, in arrears

Quarterly, in arrears

Principal repayment

On demand, no later than the 7th anniversary

On demand, no later than the 7th anniversary

Security

Unsecured

Unsecured

The markup on both loans is subject to the minimum return required under applicable regulations. For the first facility, prepayment and acceleration will apply on default in line with the loan agreement, with additional markup of 2.00% per annum on overdue amounts.

The second facility permits prepayment as per the loan agreement. Other terms will follow the written loan agreements.

The CEO, CFO and company secretary, acting singly, are authorised to finalise and execute the loan agreements and related instruments substantially on the approved terms.

No amendment may increase the approved amounts or materially relax the commercial terms without further approval as required by law. For the second facility, no disbursement may take place before shareholder approval.

The aforementioned information was disseminated through a notification to Exchange.

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