The Company was holding three letters of Intent of Allotment relating to industrial lands, measuring 240 acres, situated in the Eastern Industrial Zone, Port Qasim area, Karachi, Pakistan, on behalf of Industrial Management and Investment Company Limited, Dubai (IMIC). IMIC are the principal owners and financer of these lands. IMIC will pay to the Company a fee of £ 1000 (GBP one thousand only) per acre upon successful transfer of all these lands. Land measuring two hundred acres have been transferred and forty acres still pending. A total fee of £ 240,000 (GBP two hundred forty thousand only) will become due to the Company upon successful transfer of balance forty acres land. £ 200,000 (GBP two hundred thousand only) for 200 acres land, has been incorporated as debtors in the books.