G3 Technologies to invest Rs400mn in GCIL

MG News | December 13, 2021 at 10:08 AM GMT+05:00

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December 13, 2021 (MLN): The board of directors of G3 Technologies Limited (formerly Service Fabrics Limited) has decided to invest Rs400 million in Ghani Chemical Industries Limited (GCIL), an associated company, by way of loan and advances as a revolving line of credit for a period of 12 months, the company informed through a notice to exchange on Monday.

The above decision is, however, subject to the approval of shareholders of the company under section 199 of the Companies Act, 2017.

In a board meeting held on Saturday, December 11, 2021, it has also been decided to hold an Extra-Ordinary General Meeting (EOGM) of the company on Tuesday, January 04, 2022, for the aforesaid investment in an associated company.

The notice said, “Share transfer books of the company will remain closed from December 28, 2021, to January 04, 2022 (both days inclusive).

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