Chakwal Spinning Mills to Launch Data Centre, Cloud Operations in Pakistan

Chakwal Spinning Mills Limited has signed the term sheet for investment of Rs. 7.784 billion with PNO Capital Limited for the launch of Data Centre and Cloud Operations in Pakistan. “In the light of decisions taken by the BOD of the Company in their meeting held on 12th July 2024 and subsequent approval by the shareholders of the Company in the EOGM dated 2nd August 2024, the management has signed the term sheet for investment of Rs. 7.784 billion with PNO Capital Limited for the launch of Data Centre and Cloud Operations in Pakistan,” the company, which is currently a defaulters, said In a notice to the Pakistan Stock Exchange (PSX) on Monday. Out of total investment, Rs. 500 million is in the form of equity subject to an equity injection of Rs. 400 million from sponsors and remaining amount of Rs. 7.284 billion is in form of Convertible Bond with maturity of 03 years and annual coupon of 10 percent (to be adjusted accumulatively at the end of tenor), it added. Moreover, the company has appointed Optimus Capital Management (Private) Limited as a financial advisor.