CLVL to borrow Rs200mn from its director

MG News | March 31, 2023 at 01:03 PM GMT+05:00

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March 31, 2023 (MLN): The Board of Directors (BoD) of Cordoba Logistics & Ventures Limited (PSX: CLVL) has approved to borrow up to Rs200 million from Mr. Danish Elahi, the director of the company, the company's filing on PSX showed today.

The loan will carry a markup at the rate of 3-month KIBOR + 2% and will be an unsecured subordinated director loan that will be used to fulfill the company's business operations and working capital requirements.

As per the loan agreement, the loan amount will be disbursed in one or more tranches, as mutually agreed with Mr. Danish Elahi.

The loan will have a tenor of two years, which can be extended through an Addendum to the Loan Agreement.

The repayment of the loan will commence from July 2024 or as otherwise agreed in writing through an Addendum to the Loan Agreement.

This loan facility is expected to provide financial support to CLVL, which is a leading logistics and supply chain management company in Pakistan.

The company has a strong presence in the country and is known for its efficient services and customer-centric approach.

With this loan facility, the company is expected to strengthen its position in the market and expand its operations further.

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