REWM to convert Fatima Transmission’s outstanding loans into preference shares

By MG News | Category Equity | June 01, 2022 at 01:23 PM GMT+05:00

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June 01, 2022 (MLN): The Board of Directors of Reliance Weaving Mills Limited (PSX: REWM) has approved the conversion of outstanding loans and advances of Fatima Transmission Company Limited amounting to Rs73.39 million into unlisted, non-voting, non-cumulative, participatory, convertible and redeemable preference shares at par value of Rs10 each, the company's filing on PSX showed on Wednesday.

However, the aforesaid development is subject to the approval of the shareholders of the company.

Reliance Weaving Mills Limited comprises 336 latest technology Tsudakoma Air-Jet Looms with a monthly weaving capacity of about 6 million meters.

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