Loads Limited Announces Write-off of Substantial Loan to Subsidiary

Karachi: In a significant financial disclosure, Loads Limited has announced the write-off of a substantial loan extended to its subsidiary, Hi-Tech Alloy Wheels Limited. The loan, totaling PKR 1,317.19 million, was originally granted under agreements dated December 21, 2017, and April 10, 2019.

According to information available from the Pakistan Stock Exchange (PSX), the decision was approved by the Board of Directors during their latest meeting, held today. This move is subject to approval by the company’s shareholders through a Special Resolution and must comply with several regulatory requirements.

The write-off is in accordance with Section 96 and 131 of the Securities Act, 2015, and clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited. Furthermore, it is contingent upon adherence to Section 199 and other applicable provisions of the Companies Act, 2017, as well as Regulation No. 3(1)(B)(vi) of the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017, and additional relevant laws and regulations.

The designated market category of Loads Limited and its subsidiary will need to comply with all statutory requirements to finalize this financial adjustment. The company has also informed TREC Holders of the Exchange about this significant financial development.

The post Loads Limited Announces Write-off of Substantial Loan to Subsidiary appeared first on .