Dawood Lawrencepur approves renewal of PKR1bn subordinated loan to its subsidiary

By MG News | June 11, 2021 at 09:50 AM GMT+05:00

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June 11, 2021 (MLN): The Board of Directors (BoD) of Dawood Lawrencepur Limited has approved a renewal of the subordinated loan facility of up to PKR 1.0 billion to its subsidiary, Tenaga Generasi Limited (TGL), for a further one year period, on an arm's length basis, subject to the approval of the members of the Company via special resolution in terms of Section 199 of the Companies Act, 2017.

The BoD has also approved, issuance of a Corporate Guarantee in favour of Allied Bank Limited, as security against Running Finance (RF) / Money Market Loan (MML) of PKR 500 million to be obtained by the subsidiary TGL (subject to the approval of TGL's Lenders), subject to the approval of the members of the Company in terms of Section 199 of the Companies Act, 2017.

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