Dawood Lawrencepur to renew loan facility of up to Rs1bn for TGL

MG News | May 06, 2022 at 09:53 AM GMT+05:00

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May 06, 2022 (MLN): The Board of Directors of Dawood Lawrencepur Limited has approved the renewal of subordinated loan facility of up to Rs1 billion to its subsidiary, Tenaga Generasi Limited (TGL) for a further one-year period, on arm’s length basis, company’s filing on bourse showed today.

The aforesaid renewal is subject to the approval of the members of the company via special resolution in terms of section 199 of the companies act, 2017.

In addition, the board also approved the issuance of a Corporate Guarantee in favour of Allied Bank limited as security against Running Finance/ Money Market Loan of Rs500,000,000 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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