Matco Foods to further invest up to Rs50mn in Barentz Pakistan

MG News | September 07, 2022 at 02:03 PM GMT+05:00

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September 7, 2022 (MLN): The Board of Directors of Matco Foods (MFL) have resolved to further invest up to Rs50 million as loan in Barentz Pakistan (Private) Limited (BPPL) , in order to meet its working capital requirements / operational expenses, company’s filing at bourse showed today.

The aforesaid resolution is subject to approval of shareholders and Regulatory Authorities.

Barentz Pakistan (Private) Limited is an associated company of MFL. Following the aforesaid transaction, the total investment of MFL in BPPL will increase to Rs100 million.

For the purpose of giving effect to the above investment, the Board authorized the Company's Chief Executive Mr. Khalid Sarfaraz Ghori or Company's Director Mr. Faizan Ali Ghori or Company Secretary Mr. Danish Ahmed to do all acts, matters, deeds and things, take any or all necessary actions including signing and execution of agreement(s) and to complete all legal formalities including filing of applications for no objection certificate/permission from any authority / Commission as may be necessary or incidental or expedient for the purpose of implementing the aforesaid resolution.

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