Fauji Foods to increase share capital to Rs 10 billion
By MG News | April 02, 2020 at 12:17 PM GMT+05:00
April 02, 2020 (MLN): The shareholders of Fauji Foods Limited (FFL) in their Annual General Meeting held on April 02, 2020, have approved an increase in the authorized share capital of the company from Rs 7 billion (Rs 10 per share) to Rs 10 billion (Rs 10 per share), revealed a notification by FFL to PSX.
In an AGM, the following investment and sponsor support commitments have also been approved;
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Debt to equity conversion of a disbursed loan of Fauji Fertilizer Bin Qasim Limited (FFBL) to Fauji Foods Limited amounting to Rs 2.63 billion together with a mark-up of Rs 118,863,713/-
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Further investment/ support to FFL by FFBL 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.
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