Tariq Glass to invest Rs1bn in Baluchistan Glass

By MG News | Category Equity | October 03, 2024 at 03:14 PM GMT+05:00

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October 03, 2024 (MLN): The shareholders of Tariq Glass Industries Limited (PSX: TGL) have resolved to renew an investment of up to Rs1 billion in Baluchistan Glass Limited (PSX: BGL), an associated company.

This investment will be provided in the form of a short-term loan, advance, or running finance as needed by BGL for a further period of one year from the date of approval, on a rollover or renewable basis.

Notably, the return on any outstanding loan amount will be the average borrowing cost of TGIL plus 1% or 3MK plus 1.50%, whichever is higher, along with other terms and conditions disclosed to the members.

Additionally, the members have empowered the Managing Director/CEO and/or any Director of the Company to make decisions regarding this investment.

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