Tariq Glass Industries Limited (PSX: TGL) has decided to renew investment of up to Rs. 1 billion in Baluchistan Glass Limited, an associated company, the company said in a notice of annual general meeting on Wednesday.
The investment will be in the form of a Short-Term Loan/Advance/Running Finance as and when needed by Baluchistan Glass Limited for a further period of one year from the date of approval on a rollover/renewable basis, provided that the return on any outstanding amount of loan shall be Average Borrowing Cost of TGL + 1% OR 3MK + 1.50%, whichever is higher and as per other terms and conditions disclosed to the members.
It has also been decided that the Managing Director/CEO and/or any Director of the Company be and are hereby singly empowered and authorized to undertake the decision of said investment.
The Company is principally engaged in the manufacturing and sale of glass containers, opal glass, tableware, and other material.