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 toNishat Hotels and Properties Limited (NHPL), an associate company, transmission report of the companies issued to bourse showed today.
The investment will be fora 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 periodor the average borrowing cost of the Company) and as per other terms and conditions disclosedto the members, the report said.
The aforesaid resolution will be approved in the Annual General Meeting ofthe 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.