Universal Network Systems utilizes entire Rs446m fund allocation

December 07, 2023 (MLN): Universal Network Systems Limited (PSX: GEMUNSL) has successfully utilized funds worth Rs445.71 million for development, expansion and working capital requirements, the company’s quarterly progress report issued to the bourse showed today.

Of the total amount, funds worth Rs95.76m have been utilized for development in the technology segment, while Rs40 million has been to fulfill the working capital requirements.

The company allocated a total of Rs309.95 million for expansion purposes. The breakdown reveals that Rs144.95m was dedicated to expanding the outreach network, while Rs165m was used for the expansion of e-commerce solutions.

The duration in which the funds were utilized was between December 06, 2021, till December 06, 2023.

The company's disclosure indicates that, as of June 6, 2022, Rs244.37m (55%) had been utilized.

By December 06, 2022, the company had used Rs303.364m or 68% of the total funds.

From December 06, 2022, to June 06, 2023, the company utilized an additional Rs56m, bringing the total amount used by that period to Rs359.36m (81%).

The remaining amount of Rs86.344m was used until December 06, 2023.

Universal Network System Limited was incorporated as a private limited company in Pakistan on December 12, 2005, under the repealed Companies Ordinance, 1984 (now Companies Act, 2017).

The Principal activities of the company are to act as a cargo forwarder, and provide domestic and international courier and allied services.

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