ARPAK board approves investment in Premier Grain Ethanol Limited

MG News | March 19, 2024 at 12:16 PM GMT+05:00

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March 19, 2024 (MLN): The Board of Directors of Aqpak International Investments Limited (PSX: ARPAK) has approved the subscription of 5,000,000 Ordinary Shares of Rs10 each in"Premier Grain Ethanol Limited", as revealed in the company's filing on PSX today.

It is crucial to note that Premier Grain Ethanol is being launched as a subsidiary company of Chashma Sugar Mills Limited (PSX: CHAS).

It will be engaged in the manufacturing, production, formulation, extraction, treatment, blending, refining, purification, distillation, fermentation, reduction, dehy&ation, rectification, preparation, processing, and sale of various types and grades of Ethanol as well as related products/by-products derived from grains as raw materials.

The total paid-up capital of the new company will be Rs650.02 million divided into 65.002m Ordinary Shares of Rs10 each.

Moreover, Aryak International Investments Limited will contribute 8% shareholding of the company, amounting to Rs50m.

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