Ittehad Chemicals Limited (PSX: ICL) has approved a long-term investment of up to Rs. 3 billion in a new power subsidiary, the company informed the Pakistan Stock Exchange on Monday.
According to the stock filing, ICL approved a long-term investment in the proposed wholly-owned subsidiary company to be incorporated with the name, Ittehad Power (Private) Limited, or any other name approved by the Registrar, Securities and Exchange Commission of Pakistan.
“The aforesaid special resolution shall be valid for a period of five (05) years from the date of its passing by the members of the Company,” it added.
ICL has authorized its CEO/CFO to undertake the decisions of investment and take any or all necessary actions which are or may be necessary, incidental, and/or consequential to give effect to the aforesaid resolution including signing and execution of documents and agreements and complete all necessary legal formalities and file all necessary documents as may be necessary or incidental for the purposes of implementing the aforesaid resolution.
The Company is engaged in the business of manufacturing and selling caustic soda and other allied chemicals.