Fatima acquires 30mn shares of FCL to make it 100% owned subsidiary

Might 06, 2022 (MLN): The shareholders of Fatima Fertilizer, in their annual general assembly, permitted financial investment in Fatima Cement Minimal (FCL), an connected enterprise, by way of acquisition of 30,003,000 standard shares of Rs10 just about every of FCL from all the present shareholders of FCL at par worth, to make FCL a 100% owned subsidiary of Fatima Fertilizer Corporation Restricted.

 The shareholders also accorded their acceptance for renewal of the Operating Finance Facility limit of up to an combination sum of Rs5 billion prolonged to Reliance Commodities (Pvt) Limited, an related enterprise, for a more interval of one particular year, the firm educated by using notification to PSX.

The shareholders also gave acceptance for the renewal of the Functioning Finance Facility restrict of up to an combination quantity of Rs2 billion prolonged to Pakarab Fertilizers Constrained, an linked company, for a even further period of a single 12 months.

The restrict in the character of the Operating Finance Facility shall be renewable in the up coming basic conference for a further more period of time of one 12 months, the see claimed.

In addition, it has also been resolved that the Organization may possibly carry out transactions like but not constrained to sale and order of retailers and spares, shared charges, toll production, sale and order of solutions/raw content and acquire of packaging material, payment towards gross sales collections, lease rentals and license fee, payment for companies, with linked events from time to time including but not minimal to Pakarab Fertilizers Confined, Fatima Packaging Constrained, and other these similar get-togethers in the course of the 12 months ending December 31, 2022. The specifics of transactions incurred up to date of the upcoming meeting of shareholders shall be introduced in the upcoming meeting of shareholders for ratification.

Even further, it was accepted that Company Ensure(s) prolonged to Pakarab Fertilizers Limited from Rs2 billion to an mixture volume of Rs4 billion and renewal thereof for a additional period of time of a person 12 months, issued/to be issued by Fatima Fertilizer Corporation Minimal in favour of any financial institution / economic establishment/firm, etc. in link with funding or other amenities availed / to be availed by Pakarab Fertilizers Constrained. The restrict in the mother nature of the Corporate Promise(s) Facility shall be renewable in the next basic conference(s) for a additional time period(s) of 1 12 months.

Resolved additional, that compensation period of time of Rs3 billion extended time period financial loan prolonged to Pakarab Fertilizers Limited for a further more 3-year period.

The shareholders also accorded their approvals for financial investment in Fatima Cement Restricted (FCL), an linked corporation, by way of acquisition of 30,003,000 ordinary shares of Rs. 10 just about every of FCL from all the current shareholders of FCL at par worth, to make FCL a 100% owned subsidiary of Fatima Fertilizer Enterprise Restricted.

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Posted on: 2022-05-06T13:59:03+05:00

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