The shareholders of Reliance Cotton Spinning Mills Limited (RCML) have accorded approval for an investment of up to Rs. 1 billion by way of equity investment in Sapphire Fibres Limited, an associated company.
In a notice to the Pakistan Stock Exchange (PSX), RCML said that the investment would be made through the market purchase of ordinary shares at the prevailing market price on the date of purchase/transaction on such terms and conditions as authorized by the Board of Directors.
The notice further said that the market purchase of shares will be made from time to time over a period of one year.
The notice said that the Chief Executive of the company has been authorized to take all necessary actions which may be required for the purchase of said shares of Sapphire Fibres Limited.