Fauji Fertilizers Bin Qasim to provide sponsor support worth Rs3 billion to Fauji Foods Ltd

By MG News | January 30, 2019 at 02:14 PM GMT+05:00

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January 30, 2019 (MLN): The Board of Directors of Fauji Fertilizer Bin Qasim Limited has authorized the company to invest in and provide sponsor support to Fauji Foods Limited (FFL), in the total amount not exceeding Rs. 3 billion.

This amount shall be provided through either, or a combination of, a subordinated shareholder loan or collateral support for a period not exceeding one year (including corporate guarantee, bank guarantee, standby letter of credit or cash deposit under lien) as security for working capital facilities extended by financial institutions to FFL.

“The investment by the Company in FFL is subject to receipt of approval, by special resolution of the shareholders at the Annual General Meeting of the company” the notice said.

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