Loads limited board approves Rs1.32bn loan write-off for subsidiary

By MG News | Category Equity | September 18, 2024 at 01:15 PM GMT+05:00

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September 18, 2024 (MLN): The Board of Directors of Loads Limited (PSX: LOADS) has approved the write-off of a loan amounting to Rs1.32 billion extended to its subsidiary, Hi-Tech Alloy Wheels Limited.

This write-off is based on the Loan Agreements dated December 21, 2017, and April 10, 2019.

It is subject to approval by the members through a Special Resolution and must comply with Section 199 and other applicable provisions of the Companies Act, 2017, as well as other relevant laws, regulations, and statutory requirements.

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