March 30, 2020 (MLN): The shareholders of Fauji Fertilizer Bin Qasim Limited (FFBL) have approved the investment/sponsor support of the aggregate amount of Rs 3 billion to Fauji Meat Limited ( FML) in an Annual General Meeting of the company dated March 30, 2020.
The investment to FML would not exceed the aggregate amount of Rs 3 billion through either, or a combination of, a subordinated shareholder loan or collateral support for a period not exceeding one year, revealed a notification from FFBL to PSX.
Moreover, shareholders have approved the following investment, sponsor support commitments, and payments:
Debt to equity conversion of disbursed loan to subsidiary Fauji Foods Limited (“FFL”) amounting to Rs 2.63 Billion together with a mark-up of Rs 118,863,7131-.
Further Investment / Sponsor Support to FFL amounting to Rs 4.5 Billion through either, or a combination of, a subordinated shareholder loan (not exceeding the amount of Rs 2.5 Billion) or collateral support for a period not exceeding one year.
Payment of Rs 7,714,000 to Fauji Foundation, which represents the Company's share of the total commission payable and paid on the Standby Letter of Credit dated January 2, 2019 amounting to Rs 1.9 Billion, issued by JS Bank to the lenders of Foundation Wind Energy I Limited and Foundation Wind Energy II Limited.
