IFL Enterprises Ltd, one of the leading company in the business of trading of all kinds of papers and stationary items, has received export orders from Kenyan company, Frereana Holding Ltd. The order is for supply of writing books, text books, bond paper, copier papers for schools in Kenya. Total FOB value of the order is estimated worth $8.16 million (approximately Rs 67 crore) which is to be completed within 1 year, the company said.

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The company has completed the due diligence with the overseas partner. The export shipments are scheduled from June 2023 and expected to be completed by March 2024. The order is subject to 80 percent advance payment as per the agreed terms of the contract, balance 20 percent on order delivery.

Frereana Holding Ltd in its letter confirming the order to IFL Enterprises Ltd dated April 21, 2023 has stated that Government of Kenya has awarded the company to supply writing books, text books, bond paper, copier paper which is placed with IFL Enterprises Ltd.

Commenting on the development, Dolar Shah, Managing Director & CFO, IFL Enterprises Ltd said, “This order is subject to 80 percent initial advance payment as per the agreed terms. Shipments are expected to start from June 2023."

Company in its board meeting held on April 24, 2023 have allotted 4.54 crore equity shares of Rs 1 each as fully paid bonus shares to the existing shareholders of the company.

The company had declared bonus issue in a 1:4 ratio (One fully paid equity share for every four equity shares held) and stock split in a 1:10 ratio (One equity share of face value of Rs 10 each into 10 equity shares of face value of Rs.1 each) in order to enhance the liquidity. It had set April 21, 2023 as the record date to determine the eligibility of shareholders to receive the benefits of these corporate actions.

First Published:May 2, 2023 8:40 AM IST