FFBL extends repayment time of markup accrued on FFL’s loan

January 26, 2022 (MLN): The Board of Directors of Fauji Fertilizer Bin Qasim Limited (FFBL), have decided to renew, roll over and extend the time for repayment of markup of Rs708.759 million accrued on the subordinated loans of Fauji Foods Limited (FFL) for a further period of one year, company’s filing on bourse showed today.

The board also resolved to convert, if deems fit the accrued mark-up into fully paid-up ordinary shares of FFL (at a price to be determined by the Board) of the corresponding value, to be issued by FFL to the Company;

Further to the approvals previously granted by the shareholders, the Board decided to convert the subordinated shareholder loans of Rs7 billion, granted by the Company to Fauji Meat Limited (FML) (together with mark-up accruing thereon till the date of allotment), into ordinary shares (of PKR 10 per share, i.e. at par value) of FML of the corresponding value.

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