LAHORE: In a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday, Dawood Lawrencepur disclosed in its board meeting held Tuesday approved renewal of subordinated loan Facility of up to Rs300 million to its subsidiary, Tenaga Generasi Limited (TGL), for a period of up to three years.

The notification said the board had “also approved the disposal of ‘Lawrencepur’ brand of the Company subject to shareholders’ approval in terms of Section 183(3) of the Companies Act, 2017 in the Annual General Meeting of the Company scheduled to be held on April 25, 2018.”

Dawood Lawrencepur Limited is a holding company. The company is engaged in the business of trading and marketing of renewable energy solutions, primarily solar, to commercial and industrial consumers, along with the legacy textile business.

The company’s segments are renewable energy solutions and alternate energy. The company’s subsidiaries include Tenaga Generasi Limited (TGL) and Reon Energy Limited (REL).

Dawood Lawrencepur shares were trading at Rs171.0, down Rs0.85 (0.49 percent) and KSE-100 index was trading at 44,191.95 points, up 652.35 points (1.50 percent) on news of rupee depreciating against the dollar to Rs118.0 in the inter-bank market from close of Rs110.5 on Monday.