Allawasaya Textile and Fishing Mills Approves Loan Proposal from Directors, Defers Decision on Land Sale

Karachi, In a recent meeting held on May 6, 2023, the Board of Directors of Allawasaya Textile and Fishing Mills Limited made important decisions regarding the company’s operations.

Firstly, the Board confirmed the minutes of the previous meeting held on April 18, 2023. The confirmation of the minutes was done by a majority vote of 7 directors out of the total 11 present.

Secondly, the decision on the sale/disposal of a freehold piece of land owned by the company was deferred. The Board did not reach a conclusive decision on this agenda item and will address it in future meetings.

Lastly, the Board approved a loan proposal from the working/executive directors of the company. The loan amount approved ranges between PKR 50 to 75 million, and it will be provided at a zero markup rate until June 30, 2023. This decision was made to support the company’s financial activities and meet its short-term funding requirements.