MLCF to invest up to Rs1bn in KTML to meet working capital needs

By MG News | September 07, 2023 at 10:30 AM GMT+05:00

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September 07, 2023 (MLN): The Board of Directors (BoD) of Maple Leaf Cement Factory Limited (PSX: MLCF) has approved an investment of up to Rs1 billion as loans/advances to Kohinoor Textile Mills Limited (PSX: KTML), a holding company of MLCF, to meet the working capital requirements of KTML, as revealed in the company’s filing on PSX today.

A similar nature of reciprocal facility of loans / advances of Rs1bn for working capital requirements of the company would be recommended by the board of KTML subject to the approval of its shareholders.

The board has further approved investment up to Rs1bn as loans/advances to Maple Leaf Capital Limited (MLCL), an associated company of MLCF, to meet the working capital requirements of MLCL.

Moreover, the board has made a recommendation to the shareholders towards purchase/buy-back of up to a maximum of 100 million issued ordinary shares of the face value of Rs10/- each by the company at the spot / current share price.

In its meeting, the board also approved an equity investment of Rs4bn into a wholly-owned subsidiary, a private limited company named NovaCare Hospitals (Pvt) Limited.

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