March 11, 2022 (MLN): The shareholders of Fazal Cloth Mills Limited resolved to change the terms and conditions of the long-term investments in Fatima Energy Limited (FEL) by including a conversion feature whereby the loans/advances provided or to be provided to the FEL may be convertible into non-cumulative, redeemable, non-voting, Participatory Preference Shares of the FEL, company’s filing on bourse showed today.
Shareholders further approved that the above investment in Preference Shares of FEL categorized as equity investment up to the extent if Rs9,000 million in conversion loan/advance already provided/ to be provided to FEL on the terms and conditions disclosed in the statement of material facts annexed to the notice of the meeting be and is hereby approved.
The investment by way of convertible loan/ advance as a subscribed portion of rights offered to the company, in a manner as approved by the Board of Directors in the best interest of the company.
Each of the aforesaid resolutions shall remain valid and in full force and effect until the company’s obligations are discharged or until it is revoked or amended by another special resolution, the notice said.
