Search
Close this search box.

Resolution passed of Pak Suzuki Motor Company Limited

Karachi, Pak Suzuki Motor Company Limited informed Pakistan Stock Exchange that the resolution passed by the Company in their Annual General Meeting held on August 31, 2021, resolved that approval of the shareholders of the Company be and is hereby accorded in terms of Section 199 of the Companies Act, 2017, Regulation No. 5(7) of Companies (Investment in Associated Companies or Associated Undertakings) Regulation 2017 and subject to the Compliance with all statutory and legal requirement, to approve enhancement of corporate guarantee from PKR 600 million to PKR 1,000 million to Meezan Bank Limited on behalf of Tecno Fund (ITEFR) financing facilities for upgradation of automobile glass plant and machinery for a period of 10 years, starting from September 01, 2021 to August 31, 2031.

Pak Suzuki Motor Company Limited was incorporated in Pakistan as a public limited company in August 1983. The Company was formed in accordance with the terms of a joint venture agreement concluded between Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company). The Company is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.

The total numbers of shares are 82,299,851. The Earnings per share is (19.31) in 2020 which was (35.49) in 2019. The Company had a loss of Rs. 1,589,486,000 in 2020 which was 2,920,485,000 in 2019.