CLVL to invest over Rs1bn in Finox, CLL

MG News | September 28, 2023 at 04:39 PM GMT+05:00

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September 28, 2023 (MLN): The Board of Directors of Cordoba Logistics & Ventures Limited (PSX: CLVL) on Thursday approved the investment worth Rs1.007 billion in Finox (Pvt.) Limited and Cordoba Leasing Limited, the company's filing on PSX revealed.

Of Rs1bn, CLVL will invest Rs7.5 million in the form of equity in Finox (Pvt.) Limited (Finox), an associated company to meet its business operations and working capital requirements.

The remaining Rs1bn will be invested in the form of a loan in Cordoba Leasing Limited ("CLL"), a wholly-owned subsidiary for a period of 3 years or extendable as per mutual consent of parties with a mark-up of 3 months Kibor+2%.

This will be invested at such intervals as required by CLL to meet its business operations and working capital requirements, and restructuring of an already invested amount of Rs88.35mn into CLL as part of this loan, subject to passing of a special resolution by the shareholders of the company in the forthcoming annual general meeting.

The sforestated approval is subject to the passing of a special resolution by the shareholders of the company in the forthcoming annual general meeting.

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