FFL to increase share capital to Rs10b 

LAHORE : The Fauji Foods Limited (FFL) in its Annual General Meeting (AGM) held on Thursday approved the increase in the authorised capital of the company, investment and sponsor support commitments, said the company in a statement to the Pakistan Stock Exchange. 

The FFL said that the authorised share capital of the company would be increased from Rs7 billion divided into seven hundred million (700,000,000) ordinary shares of Rs10 each to Rs10 billion divided into 1 billion(100,000,000) ordinary shares of Rs10 each. 

The company also informed that the debt to equity conversion of disbursed loan of Fauji Fertilizer Bin Qasim Limited (FFBL) to the FFL amounted to Rs2.63 billion together with markup of Rs118.864 million. 

It also stated that further support to FFL by FFBL amounted to Rs4.5 billion through either, or a combination of, a subordinated shareholder loan (not exceeding the amount of Rs2.5 billion) or collateral support for a period not exceeding one year. 

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Hassan Naqvi
The writer is a staff reporter and can be reached at [email protected]
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