Fazal Cloth to convert Fatima Transmission’s outstanding loans into redeemable preference shares

By MG News | May 31, 2022 at 03:20 PM GMT+05:00

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May 31, 2022 (MLN): The Board of Directors of Fazal Cloth Mills Limited (FZCM) in its meeting held today has approved the conversion of outstanding loans and advances of Fatima Transmission Company Limited amounting to Rs128 million into unlisted, non-voting, non-cumulative, participatory, convertible and redeemable preference shares at par value of Rs10 each, the company's filing on PSX said.

However, it is subject to the approval of the shareholders of the company.

The board has approved the intended merger of Impartial Textile Mills Limited (wholly owned subsidiary) into Fazal Cloth Mills Limited under section 284 of the Companies Act 2017 subject to the approval of regulatory authorities if any.

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