NCL’s shareholders approve investment of up to Rs1bn in NCPL

November 5, 2021 (MLN): The Shareholders of Nishat Chunian Limited (NCL), in their Annual General Meeting held today resolved to make investment of up to Rs1billion from time to time in Nishat Chunian Power Limited ("NCPL"), a subsidiary of the NCL.

The investment will be made by way of loans and advances, as and when required by NCPL, at the rate of 3 months KIBOR+ 200 bps provided that the rate of return shall not be less than KIBOR for the relevant period or borrowing cost of the investing company, whichever is higher and that such loans or advances shall be repayable within one year from the date of disbursement and as per other terms and conditions disclosed to the members, company's notice to Exchange quoted.

The shareholders further resolved that the above said resolution shall be valid for 1 year and Chief Executive and Company Secretary of the Company be and are hereby singly empowered and authorized to undertake the decision of said investment as and when deemed appropriate and necessary in the best interest of the Company and its shareholders and to take all steps and actions necessary, incidental and ancillary including execution of any and all documents and agreements as may be required in this regard and to do all acts, matters, deeds and things as may be necessary or expedient for the purpose of giving effect to the spirit and intent of the special resolution for making investment from time to time.

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