BoDs NML approves investment up to Rs two billion in Nishat Linen

The Board of Directors of Nishat Mills Limited has approved further investment up to Rs 2.0 billion in the form of loan and advance in Nishat Linen, a wholly owned subsidiary of the Company, in the normal course of business as and when required by Nishat Linen at a mark-up rate of 0.10 percent above the monthly average short term borrowing cost of the Company, calculated on the daily outstanding balance of the loan.
This decision has been taken in the meeting of the Board of Directors of the Company in its meeting, material information sent to Pakistan Stock Exchange said.