MLCF approves loan investment of Rs500mn to KTML

September 28, 2021 (MLN): The shareholders of Maple Leaf Cement Factory (MLCF) has approved investment in the form of loans/advances from time to time to Kohinoor Textile Mills Limited, the holding company of MLCF, up to an aggregate sum of Rs500 million for a period of one year commencing from November 01, 2021, to October 31, 2022 (both days inclusive).

According to the company’s notice to PSX, the loans will be given at the markup rate of one percent above three months KIBOR or one percent above the average borrowing cost of the Company, whichever is higher.

Vide special resolution passed was passed by the shareholders in a general meeting held on October 27, 2020, the Company was authorized to extend a facility of similar nature to the extent of Rs200 million which is valid till October 31, 2021.

In this regard, the Chief Executive Officer and Secretary have been authorized to take all steps necessary, ancillary and incidental, corporate and legal formalities for the completion of transactions in relation to the loans/advances to the holding company but not limited to the filing of all the requisite statutory forms and all other documents with the Securities and Exchange Commission of Pakistan, executing documents all such notices, reports, letters and any other document or instrument to give effect to the above resolutions.

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