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Maple Leaf to invest Rs500mn in Kohinoor Textile

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September 02, 2022 (MLN): The Board of Directors of Maple Leaf Cement Company Factory Limited (PSX: MLCF) has approved an investment of up to Rs500 million as loans/advances to Kohinoor Textile Mills Limited (KTML), the company filing on PSX showed today.

KTML is a holding company of Maple Leaf and the investment is aimed to meet the working capital requirements of KTML.

However, the aforesaid decision is subject to the approval of the shareholders of the company under Section 199 of the Companies Act, 2017.

Similar nature of reciprocal facility of loans/advances of Rs1,000mn for working capital requirements of the company would be recommended by the board of KTML subject to the approval of the shareholders of KTML.

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Posted on:2022-09-02T09:59:12+05:00

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