Fazal Cloth changes TOCs of long-term investments worth Rs550mn

MG News | June 24, 2022 at 05:01 PM GMT+05:00

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June 24, 2022 (MLN): The shareholders of Fazal Cloth Mills Limited (FZCM) have resolved to change the terms and conditions (TOCs) of the long-term investments of Rs550 million in Fatima Transmission Company Limited (FTCL).

This long-term investment includes a conversion feature whereby the loans/advances provided / to be provided to the FTCL may be convertible into non-cumulative, redeemable, non-voting, participatory preference shares of the FTCL.

It was further resolved that the above investment in preference shares of FTCL categorized as equity investment up to the extent of Rs550 million in the conversion of loan/advances already provided/to be provided to FTCL.

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