MLCF approves investment upto Rs500mn to KTML

MG News | August 13, 2021 at 10:33 AM GMT+05:00

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August 13, 2021 (MLN): The Board of Directors of Maple Leaf Cement Factory Limited (MLCF) in its Meeting held on Thursday, August 12, 2021, has approved investment upto Rs500 million as loans / advances to Kohinoor Textile Mills Limited (KTML), a holding company of MLCF, to meet the working capital requirements of KTML.

This is subject to the approval of the shareholders of the Company under Section 199 of the Companies Act, 2017, as per notification sent to PSX.

The notification further added that a similar nature of reciprocal facility of loans / advances of Rs1,000 million for working capital requirements of the Company would be recommended by the Board of KTML subject to the approval of the shareholders of KTML.

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