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

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

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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.

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