ICI Pakistan approves equity investment of up to Rs4.6bn
MG News | March 21, 2022 at 12:32 PM GMT+05:00
March 21, 2022 (MLN): The shareholders of ICI Pakistan Limited (ICI) have passed the resolution to make an equity investment of up to Rs4.6 billion by way of subscription of up to 460mn ordinary shares in the joint venture company (JVCO), at a face value of Rs10 each.
This includes through subscription of shares required at the time of incorporation of the JVCO and through subsequent subscription to right shares, in such tranches and at such times as may be offered by the JVCO.
To recall, on February 18, 2022, ICI Pakistan had executed the joint venture and shareholders agreement with Tariq Glass Industries Limited (TGIL) to set up a greenfield state-of-the-art float glass manufacturing facility.
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