October 28, 2020 (MLN): Maple Leaf Cement Factory Limited (MLCF) has resolved by way of special resolution for investment in the form of loans/advances from time to time to Kohinoor Textile Mills Limited, the holding company, up to an aggregate sum of Rs. 200 million for a period of one year commencing November 01, 2020 to October 31, 2021 (both days inclusive) at the mark-up rate of one percent above three months KIBOR or one percent above the average borrowing cost of the Company, whichever is higher.
The special resolutions have been duly adopted by the shareholders at an Annual General Meeting (AGM) held on October 27, 2020.
According to the notice issued to PSX, the vide special resolution passed in a general meeting held on October 26, 2019 by the shareholders, the Company was authorized to extend a facility of similar nature to the extent of Rs. 200 million which is valid till October 31, 2020.
The company has further resolved that Chief Executive Officer and Secretary of the Company will be hereby authorized singly 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 resolution.
An official notification issued by the company in this regard further resolved that the transactions conducted with the Related Parties as disclosed in note 44 of the unconsolidated financial statements for the year ended June 30, 2020 and specified in the Statement of Material Information under Section 134(3) be and are hereby ratified, approved and confirmed.
The Board of Directors of the Company will be hereby authorized to approve the transactions to be conducted with the Related Parties on case to case basis for the financial year ending on June 30, 2021.
MLCF resolved further that these transactions by the Board shall be deemed to have been approved by the shareholders and shall be placed before the shareholders in the next Annual General Meeting for their formal ratification/approval.
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