Kohinoor Textile Mills approves investments upto Rs 1.5 bln to MLCF, Rs 500 mln to MLCL

MG News | September 14, 2020 at 11:21 AM GMT+05:00

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September 14, 2020 (MLN): The Board of Directors of Kohinoor Textile Mills Limited (KTML) has approved investment upto Rs 1.5 billion as loans/ advances to Maple Leaf Cement Factory Limited (MLCF), a subsidiary Company of Kohinoor Textile Mills to meet the working capital requirement of MLCF.

A similar nature of Reciprocal facility of loans /advances of Rs 200 million for working capital requirements of the company has already been recommended by the Board of MLCF, subject to approval of the shareholders of MLCF.

The Board also approved investment of upto Rs 500 million as loans/ advances to Maple Leaf Capital Limited (MLCL), a subsidiary company of KTML, to meet the working capital requirements of MLCL, subject to approval of the shareholders of the Company, under Section 199 of the Companies Act 2017.

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