Dewan Farooque Motors set to convert sponsor's loans into equity

By MG News | August 07, 2024 at 11:53 AM GMT+05:00

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August 07, 2024 (MLN): The shareholders of Dewan Farooque Motors Limited (PSX: DFML) are expected to approve the conversion of outstanding loans from the Sponsor and Associated Company, Dewan Motors (Private) Limited, into equity.

According to a notice issued by the company to PSX today, the Extraordinary general meeting of the shareholders is scheduled for August 27 to consider this special resolution.

The loans would be converted to equity by further issuance of shares to the Sponsor and Associated Company, Dewan Motors (Private) Limited, without offering rights to other shareholders.

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