Chinoy Engineering to Invest in Reko Diq

Chinoy Engineering & Construction (Pvt) Limited (CECL), an associated company established for construction opportunities, has secured a contract to build a Permanent Accommodation Camp at the Reko Diq Copper Gold Mines in Baluchistan. CECL has invited International Industries Limited (INIL) to invest in 4.845 million ordinary shares, amounting to Rs. 48.45 million (17 percent of CECL’s post-issuance capital). Additionally, CECL seeks a short-term loan of up to Rs. 300 million at K+3%, a corporate guarantee for up to Rs. 1.5 billion from Habib Bank Limited, and a performance guarantee for its contract with Reko Diq Mining Company Ltd (RDMC). An Extraordinary General Meeting of the Company will be held on Tuesday, August 13, 2024, to approve the above. CECL has also asked Pakistan Cables Limited for equity investment of up to 4.845 million ordinary shares of Rs.10 each making a total of Rs. 48.45 million. CECL was established to explore business opportunities in construction projects and has successfully entered into a contract with the RDMC to design and construct a Permanent Accommodation Camp at Reko Diq Copper Gold Mines, Baluchistan. INIL is engaged in the business of manufacturing and marketing of galvanized steel pipes, precision steel tubes, API line pipes, and polymer pipes & fittings.