Nishat Chunian Power to get $10m injection

The Nishat Chunian Power Limited will get an injection of $10 million to meet its working capital requirement.

The board of directors of Nishat (Chunian) Limited approved this in its meeting held on Monday at the head office, according to a notice sent to the Karachi Stock Exchange (KSE).

The company will raise the funds through loans or advances, which will raise the capital of the company from the current $10 million to $20 million.

The company will issue securities and undertaking up to Rs2 billion to the lenders, the notice said. Chief Executive Shahzad Saleem and company secretary have been authorised on behalf of the company to get this investment done.

The stock price of Nishat Chunian Power Limited went up 1.2 per cent to close at Rs9.75 in Tuesday’s trading on the KSE.

Nishat (Chunian) Limited, the parent company, ventured into the power business by setting up a plant with a capacity of 200 megawatts costing $235 million at Lahore-Multan Road.

Published in The Express Tribune, July 14^th, 2010.