Karachi January 14 2022: G3 Technologies Limited (formerly Service Fabrics Limited) has submitted quarterly progress report about utilization of proceeds of right subscription amount for the quarter ended December 31, 2021.
As per the details, company has invested PKR 269 million out of total PKR 1,000 million allocated for Calcium Carbide Project while an amount of PKR 731 million still remained under utilized.
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Company has fully utilized its funds allocation of PKR 400 million for equity investment in Ghani Chemical Industries Limited.
There is no utilization of funds allocated for the Supercapacitor Project - Kilowatt Lab Technologies. Company has allocated an amount of PKR 650 million for this project.
While funds of PKR 156 million has so far been deployed for meeting working capital requirements of the company out of total proceed allocation of PKR 291 million.
Cumulatively, company has utilized funds of PKR 825.12 million (35.2 percent) out of total right proceeds of PKR 2,341.16 million while funds amounting to PKR 1,516.04 are still remain unutilized.