Islamabad, Sep 18: In a meeting today, the Board of Directors of Loads Limited (PSX: LOADS) approved the writing off of a debt that the company had given to its subsidiary Hi-Tech Alloy Wheels Limited, worth Rs. 1.317 billion.
The money was given out in accordance with the Loan Agreements of 21 December 2017 and 10 April 2019, but only after the members approved it through a Special Resolution and after all applicable laws, rules, and statutory requirements were met.
The company’s main business is producing and selling exhaust systems, radiators, and other parts for the auto industry.The company’s shares on the exchange were trading at Rs. 11.31 at the time of filing, up 10.02 percent or Rs. 1.03 with more than 12.2 million shares on Wednesday.
