Dawood Lawrencepur to invest Rs280 million in Reon Energy

Reon Energy Limited is one of the leading solar energy companies in Pakistan

LAHORE: A bourse notification on Monday revealed Dawood Lawrencepur Limited’s (DLL) Board of Directors have approved investment of Rs280 million by subscription of 28,000,000 Right Shares of Reon Energy Limited at Par value of Rs10 each.

This was decided in a board meeting held on December 8th, 2017 and Reon Energy Limited is a wholly owned subsidiary of Dawood Lawrencepur Limited, the notification read.

Dawood Lawrencepur Limited was formed in 2004 by the amalgamation of Lawrencepur Woolen and Textile Mills Limited, Dawood Cotton Mills Limited, Burewala Textile Mills Limited and Dilon Limited.  Dawood Lawrencepur Limited is the first producer of worsted fabrics and garments in Pakistan. It is an integrated company of the Dawood Group.

Reon Energy Limited is one of the leading solar energy companies in Pakistan with technical and financial expertise to design, deploy and maintain operations.

It is part of the Dawood Hercules Corporation – which is the single largest contributor to the private energy sector of Pakistan – that controls almost 1800 MW of generation capacity, boasting large scale ventures such as Hub Power Company Limited (HUBCO), Sindh Engro Coal Mining Company, Tenaga Generasi Limited and Laraib Energy Limited.

At the time of filing this report, DLL shares were trading at Rs174.49 and KSE-100 index was trading at 39,158.54 points, up 78.14 points from its opening on Monday morning.

 

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Mohammad Farooq
The author is an Assistant News Editor at Profit by Pakistan Today. His works have been published in Dawn, Express Tribune, LiveMint India, Huffingtonpost India and The News on Sunday. He tweets @MohammadFarooq_
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