An affiliated business founded for building prospects, Chinoy Engineering & building (Pvt) Limited (CECL), has won a contract to construct a Permanent Accommodation Camp at the Reko Diq Copper Gold Mines in Baluchistan.
International Industries Limited (INIL) has been extended an invitation by CECL to invest in 4.845 million ordinary shares, or Rs. 48.45 million, which represents 17% of CECL’s post-issuance capital.
In addition, CECL requests a performance guarantee for its contract with Reko Diq Mining Company Ltd (RDMC), a corporate guarantee for up to Rs. 1.5 billion from Habib Bank Limited, and a short-term loan of up to Rs. 300 million at K+3%. To adopt the aforementioned, the company will call an Extraordinary General Meeting on Tuesday, August 13, 2024.
Additionally, CECL has requested equity from Pakistan Cables Limited in the amount of up to 4.845 million ordinary shares, valued at Rs. 10 per, for a total of Rs. 48.45 million.
The purpose of CECL’s establishment was to investigate commercial prospects in the construction industry. The company has successfully contracted with the RDMC to design and build a Permanent Accommodation Camp at the Reko Diq Copper Gold Mines in Baluchistan.
The company INIL is involved in the production and commercialization of precision steel tubes, polymer pipes and fittings, API line pipes, and galvanized steel pipes.
