Bairaha Farms to lend Rs 400 m to Fortune Agri

Bairaha Farms has resolved to furnish a Corporate Guarantee to MCB Bank for Rs 400 million on behalf of Fortune Agro Industries (Pvt) Ltd.

Fortune Agri Industries (Pvt) Ltd is a joint venture company in which Bairaha Farms PLC holds 50% of the issued shares. The transaction is a corporate guarantee amounting Rs 400 million for the working capital requirement of Fortune Agri Industries Ltd. Since Fortune Agri Industries is a joint venture company both the joint venture partners are equally contributing by issuing corporate guarantees worth of Rs 400 million each.

(IH)
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