Millat Tractors to invest Rs. 1.5 billion in Hyundai Nishat Motors

Management at Millat Tractors (MTL) today announced that it has decided to invest up to Rs. 1.530 billion in equity Hyundai Nishat Motors Private Limited by acquiring at par, fully paid 153,000,000 ordinary shares of Rs. 10/- each.

In a notice addressed to the exchange, MTL has approved investment In HNMPL which is setting up a Greenfield project for assembly and sale of Hyundai passenger and 1 ton range commercial vehicles.

The company also agreed to enter into agreements with joint venture partners and others with regard to equity participation.

The announcement after D. G. Khan Cement management – Nishat Group – at the annual meeting of DGKC held on 20^th February in Lahore, approved to invest PKR 850 million in Hyundai Nishat Motor (HNMPL) to subscribe for 85,000,000 ordinary shares of HNMPL at Rupees 10 each, continue letters of credit, and enter in to agreements with the partners.