The Board of Directors (BoD) of Cherat Cement Company Limited (PSX: CHCC) has been authorized to invest Rs. 75 million in Mirpurkhas Sugar Mills Limited (MSM), the cement maker informed the Pakistan Stock Exchange on Thursday.
The subscription will comprise Right Shares of MSM at a price of Rs. 25 per share, including right shares in MSM which are offered to CHCC for subscription in proportion to its existing shares in it along with such number of additional shares of MSM which remain unsubscribed within the approved investment amount, the filing stated.
The shareholders further authorized the BoD and company secretary to do all acts, deeds, and things that may be necessary or required to give effect to this resolution.
Cherat’s main business activity is manufacturing, marketing, and sale of cement.
Its scrip closed at Rs. 149.1, down by 2.61 percent or Rs. 4 with a turnover of 122,733 shares on Thursday.
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