Fazal Cloth Mills to acquire land in SEZ for establishing a dyeing and finishing unit

MG News | February 17, 2022 at 03:55 PM GMT+05:00

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February 17, 2022 (MLN): The Board of Directors of Fazal Cloth Mills Limited has approved to acquire a land of area up to 50 Acres in Special Economic Zone as defined in Special Economic Zone Act 2012 for establishing a dyeing and finishing unit, company’s filing on bourse showed today.

In addition, the board has also approved the conversion of outstanding loans and advances of Fatima Energy Limited amounting to Rs3,342,077,110 into 334,207,711 unlisted, non-voting, non-cumulative, participatory, convertible and redeemable Preference Shares at par value of Rs10 each.

According to the notice, the aforesaid resolutions are subject to the approval of shareholders of the Company.

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