AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Shareholders of Dawood Lawrencepur Limited (the Company) convened at an Extraordinary General Meeting held on September 11, 2023, both in Karachi and via video link, to address special business matters. The primary agenda was to consider and approve the issuance of a continuing Stand-by Letter of Credit (SBLC) of up to US$10 million in favor of Tenaga Generasi Limited, a subsidiary company, marking a significant financial decision for the Company.
In accordance with Section 199 of the Companies Act, 2017, shareholders at the meeting passed the resolution as a special resolution with overwhelming support, enabling Dawood Lawrencepur Limited to obtain the SBLC from any bank. This financial instrument will be in favor of the lenders of Tenaga Generasi Limited, facilitated through their intercreditor agent, Citibank International Limited.
The authorization to obtain this SBLC stems from the Sponsors Support Agreement signed on March 11, 2015, which involves Dawood Lawrencepur Limited as the Sponsor, Dawood Corporation (Pvt.) Limited as the Parent, Tenaga Generasi Limited as the Company, Citibank International Limited as the intercreditor agent, Citibank N.A., Karachi Branch as the Onshore Security Trustee, and Citibank N.A., London Branch as the Offshore Security Trustee.
This Special Resolution will be valid for a period of three (3) years, commencing from the date of approval by the Company’s Members. Furthermore, the Chief Executive Officer, Chief Financial Officer, and Company Secretary of Dawood Lawrencepur Limited have been jointly authorized to undertake all necessary actions and execute the required measures related to this SBLC.
The approval of this SBLC represents a significant strategic move by Dawood Lawrencepur Limited, positioning the Company to meet its financial commitments and further support the growth and development of its subsidiary, Tenaga Generasi Limited. The decision underscores the Company’s commitment to its stakeholders and its strategic vision in the ever-evolving business landscape.
The post Shareholders Approve US$10 Million Stand-by Letter of Credit for Tenaga Generasi Limited at Dawood Lawrencepur Limited’s Extraordinary General Meeting appeared first on Pakistan Company News.