PKGS's land likely to be auctioned due to refusal on extension in lease

MG News | January 07, 2019 at 03:27 PM GMT+05:00

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January 7, 2019 (MLN): Packages Limited’s (PKGS) leased land, comprising 231 Kanals and 19 Marlas is likely to be auctioned, given that the Honorable Supreme Court is expected to refuse an extension in the lease of the land.

In an official announcement issued to the Pakistan Stock Exchange (PSX), the Company has disclosed that their leased land came up for hearing before the SC on Saturday January 5, 2019. PKGS agreed to pay Rs.500 million as the provisional Rent of the land for the last three years.

However, the press release states that there is an indication that the lease will not be extended in view of the new policy under formulation by the Government of Punjab.

Nevertheless, the company is in process of obtaining the order of the Honorable Supreme Court in the matter.

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