Dawood Lawrencepur shareholders approve $10m SBLC for Tenaga Generasi

MG News | September 12, 2023 at 09:27 AM GMT+05:00

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September 12, 2023 (MLN): The shareholders of Dawood Lawrencepur Limited (DLL) on Monday granted the approval to obtain a continuing Standby Letter of Credit (SBLC) of up to $10 million in favour of lenders of Tenaga Generasi limited, the company's filing on Tuesday noted.

The SBLC will be acquired from any reputable bank and will be in favour of the lenders of Tenaga Generasi Limited, a subsidiary company of DLL.

This is in terms of the Sponsors Support Agreement signed on March 11, 2015, between DLL as the Sponsor, Dawood Corporation (Pvt) Limited as the Parent, Tenaga Generasi Limited as the Company, Citibank International Limited as the Intercreditor Agent, Citibank N.A., Karachi Branch as the Onshore Security Trustee and Citibank N.A., London Branch as the Offshore Security Trustee.

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