Husein Sugar Mills to invest Rs50mn in Tariq Capital

MG News | March 28, 2022 at 12:27 PM GMT+05:00

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March 28, 2022 (MLN): The shareholders of Husein Sugar Mills Limited (PSX: HSM) in an Extra Ordinary General Meeting (EoGM) resolved to approve the investment by way of short-term running finance up to Rs50 million in Tariq Capital (Private) Limited (TCPL).

This investment will help to meet TCPL’s working capital requirements for a term of three years from March 29, 2022 at a markup rate of weighted average borrowing rate 1%, which shall be paid by the TCPL within fifteen days of end of each six months.

As per other terms and conditions disclosed to the members and non-payment of mark-up within stipulated time period shall entail further mark-up penalty at time rate of 2% per annum on unpaid amount.

The shareholders further resolved that the name of Husein Sugar Mills Limited wherever it occurs in the Memorandum and Articles of Association of the company be substituted by the name of “Tariq Corporation Limited".

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