International Industries authorized to back CECL’s Reko Diq mining contract

MG News | August 13, 2024 at 01:53 PM GMT+05:00

0:00

August 13, 2024 (MLN): The shareholders of International Industries Limited (PSX: INIL) have authorized the company to issue a guarantee to ensure that Chinoy Engineering & Construction (Private) Limited (CECL) fulfills its obligations under the contract with Reko Diq Mining Company Ltd.

Additionally, the subscribers of INIL have approved to buy 4,845,000 ordinary shares of CECL, each with a nominal value of Rs10.

The investment will be worth Rs48.45 million, representing a 17% ownership of the post-issuance paid-up capital of CECL.

Moreover, the company is also authorized to invest in CECL by extending short-term loans of up to Rs300 million at a markup of KIBOR + 3%, if needed.

Additionally, the company is authorized by shareholders to issue a corporate guarantee in favor of Habib Bank Limited (HBL) for CECL to secure financing of up to Rs1.5bn.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	152,991.15 65.40M	-8.97% -15071.01
ALLSHR	91,893.31 100.93M	-8.49% -8525.52
KSE30	46,486.83 25.25M	-9.42% -4835.56
KMI30	213,452.90 20.83M	-9.29% -21872.22
KMIALLSHR	58,601.52 61.58M	-8.85% -5690.65
BKTi	44,288.83 10.98M	-9.83% -4826.59
OGTi	29,141.39 3.45M	-9.83% -3175.39

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,185.00	67,760.00 64,325.00	-1640.00 -2.42%
BRENT CRUDE	71.88	71.96 70.69	0.12 0.17%
RICHARDS BAY COAL MONTHLY	96.00	0.00 0.00	-3.50 -3.52%
ROTTERDAM COAL MONTHLY	107.95	107.95 107.95	0.30 0.28%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	66.60	66.67 65.38	0.12 0.18%
SUGAR #11 WORLD	14.05	14.10 13.78	0.18 1.30%