Kohat Cement Approves Rs. 600 Million Short-Term Financing for Associated Company

The Board of Directors of Kohat Cement Company Limited (PSX: KOHC) has given its approval for the renewal of investment by way of short-term running finance of upto Rs. 600 million in Ultra Kraft (Private) Limited (UKPL), an associated company. This financing will be used to meet its working capital requirements for a term of one year from October 29, 2024, at a mark-up rate of 1.50 percent above three months KIBOR or at the average borrowing cost of the Company, whichever is higher. KOHC said this shall be paid by UKPL within fifteen days of the end of each quarter and as per other terms and conditions disclosed to the members and non-payment of mark-up within the stipulated period shall entail a further mark-up/penalty at the rate of 5 percent per annum on unpaid amount. The Company is engaged in the production and sale of cement. ANS Capital (Private) Limited is the holding company of KOHC. At the time of filing, KOHC’s scrip at the bourse was Rs. 307.25, up 0.27 percent or Rs. 0.84 with 50,227 shares on Tuesday.