Loads Limited, the manufacturer of automotive radiators, exhaust systems, and sheet metal components, has approved the write-off of a loan amounting to Rs 1.32 billion that was extended to its subsidiary, Hi-Tech Alloy Wheels Limited, the company announced on Wednesday.Â
The decision was made during a Board of Directors meeting and is subject to shareholder approval via a Special Resolution.
The loan write-off pertains to amounts extended under loan agreements dated December 21, 2017, and April 10, 2019. This decision will also need to comply with Section 199 of the Companies Act, 2017, as well as the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017.
The company has assured compliance with all relevant laws, regulations, and statutory requirements in this process. The Pakistan Stock Exchange has been informed, and a formal disclosure under the Securities Act, 2015 has been filed for record-keeping purposes.
