NML to increase Rs1bn equity investment in Nishat Sutas Dairy

March 03, 2022 (MLN): The shareholders of Nishat Mills Limited (NML) in their extraordinary general meeting, held on March 03, 2022, have passed the resolution to increase the amount of equity investment by Rs1 billion in Nishat Sutas Dairy Limited (“NSDL”), an associated company, the company’s filing on PSX showed today.

This is in addition to the already approved amount of equity investment of up to Rs950mn for subscribing, 95mn ordinary shares approved by the members under Section 199 of the Companies Act, 2017 in their Annual General Meeting held on October 28, 2019, thus making a total equity investment of Rs1.950bn for subscribing, at Par, fully paid up to 195mn ordinary shares of Rs10 each of NSDL as may be offered to the company from time to time by NSDL.

It was further resolved that this resolution shall be valid for a period of four years starting from the date of approval by members and the Chief Executive Officer and/or Chief Financial Officer and/or Company Secretary of the Company.

As per the notice, they have been singly empowered and authorized to do all acts, matters, deeds and things, take any or all necessary actions including signing and execution of the agreement(s) and to complete all legal formalities as may be necessary or incidental expedient for the purpose of implementing the aforesaid resolutions.

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