Thal Industries to acquire freehold land worth over Rs2bn from CEO

By MG News | September 30, 2024 at 04:01 PM GMT+05:00

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September 30, 2024 (MLN): The shareholders of Thal Industries Corporation Limited (PSX: TICL) have granted their approval to acquire freehold land from Muhammad Shamim Khan, at a price of Rs2.004 billion, as determined by an approved independent valuer.

The land measures 112 Kanals and 11 Marlas and is adjacent to Unit No1 of the company, Layyah Sugar Mills, Mandi Town, Layyah.

It is noteworthy that Muhammad Shamim is the Chief Executive Officer of the company and is considered a related party.

TICL's members have also authorized the company’s directors to take all necessary steps, actions, and incidental measures, including the execution of any required documents and agreements, to implement the resolution.

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