Tariq Glass Industries approves investment of up to Rs4.4bn in Lucky TG

MG News | March 21, 2022 at 04:07 PM GMT+05:00

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March 21, 2022 (MLN): The shareholders of Tariq Glass Industries Limited (TGL) have approved long term equity investment of up to Rs 4,414,900,000 from time to time in Lucky TG (Private) Limited, the company’s filing on bourse showed today.

The investment is proposed for subscribing, at Par company’s fully paid-up to 441,490,000 ordinary shares of Rs10 each as may be offered to the company from time to time pursuant to the requirements of the companies Act 2017 including subscription of ordinary shares to be taken up by the company as a subscriber to the memorandum of Association on the incorporation of the proposed Lucky TG (Private) Limited, the notice read.

As per the notice, the aforesaid resolution shall remain valid for a period of five years from the passing thereof and the CEO or Company Secretary has been singly empowered and authorized to take all necessary actions, deeds and things which are or may be necessary for the giving effect to the aforesaid resolution.

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