LCI shareholders approve agreements up to Rs14.03bn with related parties

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MG News | September 26, 2024 at 12:52 PM GMT+05:00

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September 26, 2024 (MLN): The shareholders of Lucky Core Industries Limited (PSX: LCI) have authorized the company to enter into arrangements up to the aggregate extent of Rs14.03 billion for the purchase and sale of goods, commodities, and materials with various related parties.

These transactions may involve various related parties, including, but not limited to, Lucky Cement Limited, Yunus Textile Mills Limited, Gadoon Textile Mills Limited, YB Pakistan Limited, Lucky Textile Mills Limited, Lucky Motors Corporation Limited, and Lucky Foods (Private) Limited.

Additionally, other related parties such as Lucky Commodities (Private) Limited, Lucky Landmark (Private) Limited, Tabba Heart Institute, Tabba Kidney Institute, and Aziz Tabba Foundation may also be included.

The company is further authorized to engage with Global Commodities Limited, Lucky Core PowerGen Limited, Lucky TG (Private) Limited, Lucky Core Ventures (Private) Limited, and any other related parties as deemed appropriate and approved by the Board during the financial year ending June 30, 2025.

The sale and purchase items include chemicals, soda ash, polyester, electricity, cement, and vehicles, along with the provision of services, payment of donations, and share subscriptions.

The Members have noted that for the aforesaid arrangements and transactions some or a majority of the Directors may be interested/deemed to be interested.

Notwithstanding the same, the members hereby granted advance authorization and approval to the Board of Directors of the Company, to review and approve all related party transactions as per the quantum approved by the Board of Directors from time to time.

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