Fatima Fertilizer Company Limited (PSX: FATIMA) has accorded its approval for investing Rs. 7.662 billion in Real Estate Investment Trusts (REITs), the company informed the Pakistan Stock Exchange on Friday.
According to the stock filing, the following limits of investments in REITS under the management of Arif Habib Dolmen REIT Management Limited have been decided:
|No.||Name of Associated Companies & Undertakings||Proposed Fres Equity Investment (PKR Million)|
|1||Pakistan Corporate CBD REIT||1,142|
|2||Silk Islamic Development REIT (SIDR)||150|
|3||Sapphire Bay Islamic Development REIT (SBIDR)||4,120|
|4||REITS under management of Arif Habib Dolmen REIT Management Ltd.||2,250|
The company has also given its approval to ratify the equity investments in Silk Islamic Development REIT (SIDR), Pakistan Corporate CBD REIT and Sapphire Bay Islamic Development REIT (SBIDR) amounting to Rs. 600 million, Rs. 858 million and Rs. 880 million respectively, already made with an understanding (supported by legal opinion) that the subject investments did not trigger obtaining approval vide a special resolution and this approval/ratification is being sought for the sake of good corporate governance.
Meanwhile, the shareholders gave consent for the following limit of loan investment in REITs:
|No.||Name of Associated Companies & Undertakings||Proposed Loan Investment|
|1.||Silk Islamic Development REIT (SIDR)||Shariah Compliant Debt up to Rs. 200 million|
The Chief Executive Officer, any director, Chief Operating Officer/Chief Financial Officer, General Manager Finance, and Company Secretary have been authorized to take necessary actions for giving effect to the aforesaid initiatives.