March 19, 2024 (MLN): The Board of Directors of Chashma Sugar Mills Limited (PSX: CHAS) has approved the incorporation of a new subsidiary company in the name of "Premier Grain Ethanol Limited".

The new company will focus on manufacturing, producing, and selling various types and grades of ethanol, along with related products and by-products derived from grains as raw materials.

This agenda was approved by the board in their meeting held on March 15, 2024, and was disseminated by the company through a notice to the local bourse today.

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

Around 77% of the shareholding which is Rs500m will be contributed by Chashma Sugar Mills Limited and the remaining will be contributed by Directors of the company and others.

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Posted on: 2024-03-19T12:07:55+05:00