Loads Limited Writes Off Rs. 1.31 Billion Loan for Subsidiary

The Board of Directors of Loads Limited (PSX: LOADS) in its meeting held today has approved the writing off of a loan amounting to Rs. 1.317 billion extended by the Company to its subsidiary Hi-Tech Alloy Wheels Limited

The sum was granted under the Loan Agreement dated 21 December 2017 and 10 April 2019, subject to the approval by the members by way of Special Resolution and subject to compliance with applicable laws, regulations and statutory requirements.

The principal activity of the Company is to manufacture and sell radiators, exhaust systems, and other components for the automotive industry.

At the time of filing, the company’s scrip at the bourse was Rs. 11.31, up 10.02 percent or Rs. 1.03 with over 12.2 million shares on Wednesday.