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	163,098.19 607.60M	-0.87% -1432.62
ALLSHR	99,276.25 1,397.26M	-0.80% -801.63
KSE30	50,184.56 221.88M	-0.89% -450.56
KMI30	238,333.52 129.55M	-1.13% -2718.46
KMIALLSHR	65,792.54 685.73M	-0.99% -655.65
BKTi	45,653.52 111.72M	-1.00% -461.31
OGTi	32,313.25 10.70M	-1.57% -516.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	114,520.00	0.00 0.00	-2470.00 -2.11%
BRENT CRUDE	62.09	65.36 62.00	-3.13 -4.80%
RICHARDS BAY COAL MONTHLY	81.00	81.00 81.00	-1.60 -1.94%
ROTTERDAM COAL MONTHLY	90.50	0.00 0.00	0.40 0.44%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	58.24	0.00 0.00	-0.66 -1.12%
SUGAR #11 WORLD	16.10	16.35 15.97	-0.16 -0.98%