Image Pakistan to invest Rs100mn in Sinolink REIT Management Company
MG News | March 09, 2022 at 11:34 AM GMT+05:00
March 9, 2022 (MLN): Image Pakistan Limited has decided to make an equity investment of up to Rs100 million in the capital of an associated company Sinolink REIT Management Co. Ltd
The investment will be made as per the terms and conditions to be disclosed to the members of the company in the Statement of Material Facts of the companies Act 2017.
The aforesaid resolution will be passed in the extraordinary general meeting of the company which will be held on March 31, 2022.
The company projected its sales to grow to Rs1.6 billion for the year ending June 30, 2022, from the actual level of over Rs1bn for the year ended June 30, 2021, on the back of the expansion of existing production capacity.
The company issued rights to raise funds for expansion of existing production capacity through the installation of new Schiffli embroidery machines as well as Multi-head Embroidery machines to reduce reliance on outsourcing embroidery for manufacturing quality products and cost-saving, the opening of five new outlets in different cities and to meet the working capital requirements.
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