Fauji Foods approves Rs350m loan to subsidiary for capital needs
MG News | July 22, 2024 at 02:54 PM GMT+05:00
July 22, 2024 (MLN): The Board of Directors of Fauji Foods Limited (PSX: FFL) have approved the grant of a loan of Rs350 million to its wholly owned subsidiary Fauji Infraavest Foods Limited to meet its working capital requirements, the company's filing on PSX revealed today.
This is subject to the transfer of shares to FFL to enable it to meet certain capital expenditures.
The mark-up on the principal loan amount will be payable on the outstanding loan amount bi-annually at 6 months KIBOR plus 1%.
The board further agreed to reclassify "Share Deposit Money" of Rs2.35 billion into "FF Loan" as per the loan agreement dated August 22, 2022.
The company is principally engaged in the processing and sale of toned milk, milk powder, fruit juices, allied dairy and food products.
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