The Board of Directors (BoD) of Dawood Lawrencepur Limited (PSX: DLL) through a circular resolution passed on September 19, 2023, has approved an investment of Rs15 million in the Right Issue announced by Reon Alpha (Private) Limited comprising 1,500,000 shares of Rs10 each, DLL’s filing on the local bourse revealed today.
Reon Alpha Limited is a wholly owned subsidiary company of DLL. Reon Alpha Private Limited has signed a 15-year Energy Purchase Agreement with Sindh Engro Coal Mining Company for supply of energy from a 5 MW solar powered plant. Reon Alpha requires investment from the company in order to fulfill 25% of funding requirement for the project through equity.
DLL manages investment in its subsidiaries and associated companies and is engaged in the business of trading and marketing renewable energy solutions, mainly solar, to commercial and industrial consumers, along with the legacy textile business.
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