Millat Tractors invests Rs170mn in Hyundai Nishat Motor

MG News | August 30, 2022 at 02:49 PM GMT+05:00

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August 30, 2022 (MLN): Millat Tractors Limited has resolved to make an equity investment of Rs170.52 million in Hyundai Nishat Motor (Pvt) Limited (HNMPL) by acquiring 17,051,965 right shares of Rs10 each.

In an extra ordinary general meeting held yesterday, it was resolved that the above-said resolution shall be valid till such time the entire investment is made starting from the date of approval by members.

Further, it was also resolved that the Chief Executive of the company be and is hereby authorized to make the aforesaid investment in shares as and when deemed appropriate and in the best interest of the company.

To note, on August 29, 2022, the board of directors of Adamjee Insurance Company Limited (PSX: AICL) decided to make an additional equity investment of up to Rs900 million in HNMPL.

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