Tag: The Board of Directors

July 6, 2022 (MLN): The shareholders of TPL Insurance have allowed the company to make equity investment of Rs200 million in an associated company TPL Life Insurance Limited, company’s filing on bourse showed today.

The shareholders also authorized CEO in this regard to take all necessary steps required in respect of the aforementioned investment.

To recall, on June 14, the Board of Directors of TPLI decided to make an equity investment of Rs200 million in TPL Life Insurance Limited.

The company said that is desirous of making an investment in TPL Life Insurance Limited.

The aforementioned investment would enable TPLI to expand its footprints in the life insurance market. The Company would be able to use TPL Life’s expertise and relationships to grow its non-life business.

TPL Life Insurance Limited is a subsidiary of TPL Corp Limited, the parent company of TPL Insurance Limited. Mr Muhammad Aminuddin, the CEO of TPL Insurance Limited, is a member of the Board of Directors of TPL Life Insurance Limited.

At the time of reporting this, the stock of the company is being traded at Rs30.65, down by Rs2.42 or 7.32% from yesterday’s price.

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July 06, 2022 (MLN): Dar es Salaam Textile Mills Limited (PSX: DSML) informed on Wednesday that the management is concentrating on the recovery of the balance amount of the sale price regarding the successful disposal of the factory premises and the settlement of financial obligation thereof.

To note, on April 4, 2022, the company announced the disposal of the factory premises comprising land & building at the desired price.

The latest progress report of the company said that the recovery of the balance amount is being pursued and it is expected that the buyer would clear the account within the next 30 to 45 days,

Once the balance of the amount is fully recovered, the management will be in a better position to implement the envisaged business plan, it added.

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July 06, 2022 (MLN): Agritech Limited (AGL) has informed that the Honorable High Court of Lahore has approved the “Scheme of Arrangement" between the company and its creditors for the rehabilitation of the company filed under sections 284-288 of the Companies Ordinance 1984, which shall take effect from January 31, 2013.

During the past few years, gas curtailment to the company's urea plant years was the major cause of non-servicing of the debt of the company and the accumulation of mark-ups further increased its debt burden, the transmission report of the company revealed.

In addition to this, few banks and financial institutions had filed cases for recovery of loans extended by them along with accrued markup and other related charges against the company.

In order to streamline this debt burden, a capital restructuring plan was envisaged with the cooperation of lenders to devise a sustainable capital structure, which included the conversion of its existing land to pay off long-term lenders after seeking the necessary approvals, it added.

This capital rehabilitation plan was filed through a petition in Lahore High Court in June 2016 for the enforceability of the scheme under section 284-288 of the Companies Ordinance, 1984.

Since the company has obtained the approval of LHC, it seems to be more confident to implement the plan for improving its financial position.

Currently, the stock of the company is trading at Rs7.09 [1:10 PST], up by 49 paisa or 7.42% DoD.

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July 06, 2022 (MLN): Riding on a slippery slope, the Pakistani rupee (PKR) slid by one rupee against the US dollar in the interbank market in intraday trade compared to the previous close of 206.49 per USD.

The rupee was quoted at 207.86/207.91 [12:00 PST] with the trades being reported at 207.95 per USD.

Within the open market, the rupee is traded at 207/208.5 per USD. 

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July 6, 2022 (MLN): Alpha Beta Core Solutions (Private) Limited being a manager to the offer by New Future Consumer International General Trading LLC (Acquirer) has submitted a Public Announcement of Intention (PAI) to acquire more than 51% shares and control of ZIL Limited (Target), the notice issued to PSX said today.

Earlier this year, on January 13, 2022, the board of directors of ZIL Limited approved the closure of a factory located in Hyderabad as it faced operational difficulties due to the housing society built in its surrounding area.

After reviewing the operation difficulties of an existing manufacturing facility, the board also decided to offer a voluntary separation scheme to factory staff while shifting all manufacturing operations to toll manufacturing through third-party arrangements.

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