Thal Limited renews investment support for ThalNova

MG News | August 07, 2025 at 05:15 PM GMT+05:00
August 07, 2025 (MLN): Thal Limited (PSX: THALL) has authorized continued investment support for ThalNova Power Thar (Private) Limited (TN), reaffirming its commitment to the project.
The members passed a resolution authorizing the company to
provide guarantees, either in the form of standby letters of credit or
otherwise, as security to financiers for an investment of up to $23.3 million (Rs
equivalent), either as a subordinated loan or equity.
This support covers any funding shortfall or cost overrun
before or after the Project Completion Date until the agreed release date under
the Sponsor Support Agreement (SSA), the company's filing on PSX revealed
today.
The company may also modify or issue a new standby letter of
credit under the terms required by financiers, which will remain valid for up
to 10 years from the date of the resolution or until the Term Loan Discharge
Date for TN, whichever is later.
Further, the company reaffirmed the validity of the
resolutions passed during the 2018 EOGM, authorizing standby letters of credit
of up to $12.4m each for Debt Service Support (DSRA LC) and Commercial Risk
Guarantee obligations.
These will continue in force for up to ten years or until
the Term Loan Discharge Date, unless released earlier per the SSA.
The Chief Executive Officer, Chief Financial Officer, and
Company Secretary of Thal Limited have been authorized, jointly or severally,
to manage, negotiate, amend, and execute all documents and agreements related
to the issuance or renewal of the standby letters of credit.
They are also empowered to take all necessary actions to
fulfill these obligations.
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