PKGP, LPL to renew investment up to Rs500mn each to Nishat Hotels

MG News | March 30, 2022 at 01:02 PM GMT+05:00

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March 30, 2022 (MLN): The Board of Directors of Pakgen Power Limited (PKGP) and Lalpir Power Limited (LPL) have decided to renew investments up to Rs500 million each in the form of a working capital loan extended to Nishat Hotels and Properties Limited (NHPL), an associate company, transmission report of the companies issued to bourse showed today.

The investment will be for a period of one year from the date of approval by the members, subject to availability of funds, provided that the return on any outstanding amount of loan shall be 1 Month KIBOR plus 1% (which shall not be less than the Karachi Inter-Bank Offered Rate (KIBOR) for the relevant period or the average borrowing cost of the Company) and as per other terms and conditions disclosed to the members, the report said.

The aforesaid resolution will be approved in the Annual General Meeting of the members of PKGP and LPL, scheduled to be held on April 26, 2022.

To note, LPL and PKGP both are associate companies of Nishat Group.

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