Dawood Lawrencepur approves Rs 300 million investment in the right issue announced by Reon Energy

MG News | June 12, 2020 at 01:35 PM GMT+05:00

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June 12, 2020 (MLN): The Board of Directors of Dawood Lawrencepur Limited, in its meeting, held on June 12, 2020, has approved the investment of Rs. 300 million in the Right Issue announced by Reon Energy Limited, wholly-owned subsidiary company, comprising of 30 million shares of Rs 10 each.

The company has also approved the renewal of the second 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 a special resolution.

Further, the board 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 the members of the Company.

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