Advocate Ashtar Ausaf said Al-Rehmat Group would buy the units for Rs6 billion. PHOTO: FI LE
The Lahore High Court was informed on Tuesday that an agreement to sell four units of the Ittefaq Group to Al-Rehmat Group had been finalised.
Advocate Ashtar Ausaf said Al-Rehmat Group would buy the units for Rs6 billion. A schedule of payments had also been decided. The LHC chief justice was hearing petitions regarding the sale of Ittefaq Foundry’s subsidiaries to adjust billions of rupees in loans. The chief justice adjourned the hearing until Wednesday (today). A consortium of eight banks had sanctioned a collective loan of Rs3.11 billion to Ittefaq Group of Industries between 1982 and 1998.
Published in The Express Tribune, May 28th, 2014.
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