CHCC's board approves investment of Rs75m in Mirpurkhas Sugar Mills

By MG News | February 16, 2024 at 01:22 PM GMT+05:00

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February 16, 2024 (MLN): The Board of Directors (BoD) of Cherat Cement Company Limited (PSX: CHCC) has approved an investment of up to an aggregate amount of Rs75 million in Mirpurkhas Sugar Mills Limited (PSX: MIRKS), company's filing on local bourse revealed today.

MIRKS is an associated company of Cherat Cement, and the investment would be made by subscribing to ordinary right shares, with further investment planned during the proposed rights issue process.

The company further informed that for the aforesaid purpose, an Extraordinary General Meeting of the company will be held on March 21, 2024.

At the time of writing, CHCC's scrip is being traded at Rs143, down by 3.8% DoD despite recording impressive earnings.

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