HNMPL stake: NML inks LoI with MTL

Nishat Mills Limited (NML) has signed a Letter of Intent with Millat Tractors Limited whereby Millat has been offered up to 18 percent stake in the NML's subsidiary M/s Hyundai Nishat Motor (Private) Limited (HNMPL). This, however, will be subject to the signing of definitive agreement between the parties, material information sent to Pakistan Stock Exchange said.
Further, the dilution of the company's equity stake in HNMPL will be subject to requisite regulatory and other approvals. HNMPL is setting up a greenfield project for assembly and sale of Hyundai passenger and one ton range commercial vehicles in Pakistan.