Board of Directors at the annual meeting of D. G. Khan Cement held today in Lahore, have 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.
The company further announced it plans to arrange “stand by Guarantee by Letter(s) of Credit (SBLC) for an amount up to PKR 1 billion for a period of 7.5 years”, in an effort to secure financial assistance to HNMPL.
The company also informed that it entered into “agreements with joint venture partners with regard to equity participation in HNMPL”.
Furthermore, D. G. Khan Cement today announced today that it is currently pursuing to obtain applicable regulatory permissions from Government authorities to set up brown field cement production line.
The company notice can be accessed here.