May 29, 2024 (MLN): The shareholders of Dawood Lawrencepur Limited (PSX: DLL) in their Annual General Meeting held today, have approved the renewal of the Subordinated Loan Facility of up to Rs300 million to its subsidiary, Tenaga Generasi Limited (TGL) for an additional year.
The members have also granted fresh approval to sell 100% of the issued and paid-up capital of Reon Energy Limited (REL) to Juniper International FZ LLC for an amount equivalent to Rs100m.
It is crucial to note that REL is a wholly-owned subsidiary of DLL.
Additionally, the meeting resulted in the approval for the disposal of the entire shareholding of the Company in Tenaga Generasi Limited (TGL) (75% of the outstanding paid-up capital of TGL) to Artistic Milliners (Private) Limited for an amount equivalent to the sum of $23.175m.
This amount may be subject to adjustment under the terms of the Share Purchase Agreement, with terms and conditions specified in the agreement.
Regarding these approved developments, any two of the Chief Executive Officer, the Chief Financial Officer, and the Company Secretary are hereby jointly authorized to perform all necessary acts, required for filing with regulatory authorities, and undertake all necessary steps for the Proposed Transaction as they deem fit.
