PAKISTAN
Sapphire Fibres Limited (PSX: SFL) has announced that its Board of Directors has approved a Scheme of Compromises, Arrangement, and Reconstruction for the merger of Reliance Cotton Spinning Mills Limited (RCSML) with and into Sapphire Fibres Limited.
According to a notice issued to the Pakistan Stock Exchange (PSX), the merger will be carried out under Sections 279 to 283, read with Section 285, and other enabling provisions of the Companies Act, 2017. Once the merger is completed and formally sanctioned by the Honourable High Court of Sindh at Karachi, RCSML will be dissolved without winding up.
As part of the arrangement, shareholders of RCSML will be issued shares of Sapphire Fibres Limited in accordance with a share swap ratio certified by M/s. Shinewing Hameed Chaudhri & Co, Chartered Accountants.
The proposed merger remains subject to all necessary approvals from shareholders, creditors, and regulatory authorities, as well as court sanction and completion of all related legal and corporate formalities.
This strategic consolidation is expected to streamline operations and enhance the combined entity’s market presence in the textile sector. – ER News Desk
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