Pak Suzuki Motor Co. seeks Board approval to finance Automobile Glass Unit
MG News | September 26, 2017 at 02:38 PM GMT+05:00
The company informed stakeholders that, it plans to seek approval through special resolution as required under The Companies Act, to issue Corporate Guarantee of up to Rs. 744,000,000 to Meezan Bank Ltd. for Tecno Auto Glass Ltd. (TAG), an associated company in respect of financing facilities for setting up plant of automobile glass.
TAG is a public limited company (unlisted), a joint venture between Techno Pack Ltd. (TPT) and Pak Suzuki Motor Co, (PSMC) where PSMC holds 40% of paid up capital and balance 60% is held by TPT and its nominees.
The board has authorized CEO and/or CFO of the company to sign the corporate guarantee agreement and complete the procedural formalities, either singly or jointly.
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