The Board of Directors of Fauji Foods Limited (FFL) has approved a grant of a loan of Rs. 350 million to its wholly owned subsidiary M/S Fauji Infraavest Foods Limited, subject to the transfer of shares to FFL to enable it to meet its working capital requirements as well as to meet certain capital expenditures.
The mark-up on the principal loan amount will be payable on the outstanding loan amount bi-annually at 6 months KIBOR plus 1 percent.
It is added that Fauji Foods Limited, being the holding Company of its wholly owned subsidiary, is exempt from obtaining approval from the shareholders under SECP SRO 1239(1)/2017 dated December 06, 2017.
FFL is a subsidiary of Fauji Fertilizer Bin Qasim Limited (the Parent Company). The Company is principally engaged in the processing and sale of toned milk, milk powder, fruit juices, allied dairy and food products.
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