September 16, 2022 (MLN): The Board of Directors of Ismail Industries Limited (ISIL), have decided to enhance the quantum of long-term equity investment in its subsidiary company Hudson Pharma (Private) Limited (Hudson Pharma) from Rs800 million to Rs1.2 billion, company’s filing on bourse showed today.
According to Board, the enhancement of Rs400 million is being proposed specifically to meet the current operating expenses and working capital requirements of Hudson Pharma.
The Board has further decided to enhance the Cross Corporate Guarantee amount for its subsidiary company Hudson Pharma as approved by the shareholders in the Annual General Meeting of the Company held on October 25, 2021, from Rs700 million to Rs1 billion.
The Board has also decided to enhance the quantum of long-term equity investment in its subsidiary company Ismail Resin (Private) Limited from Rs2.5 billion to Rs3 billion.
The enhancement of Rs500 million only) is being proposed specifically to meet the further estimated cost over-run arises in which main reasons are high inflation and massive devaluation of Pak Rupee, the company said.
