PAKISTAN
Zahur Cotton Mills Limited (ZHCM) has been granted approval to change its name and principal line of business. The company will now operate as ITANZ Technology Pvt Limited (ITANZ) and will provide consultancy services in the field of information technology (IT) and IT-enabled services.
According to a notice submitted to the Pakistan Stock Exchange, the Lahore High Court has sanctioned the Scheme of Arrangement between Zahur Cotton Mills Limited (ZHCM) and ITANZ Technology Pvt Limited (ITANZ) under Sections 279 to 283 and 285 of the Companies Act, 2017.
Key Provisions of the Scheme
Name Change: ZHCM’s name will be changed to Itanz Technologies Limited to better reflect its new business direction.
Business Realignment: The company’s principal line of business will be altered to include IT consultancy services, software development, installation, implementation, and other IT-related supplies and services.
Merger & Amalgamation: The entire undertaking of ITANZ will be acquired and merged into ZHCM, effective September 30, 2023.
Share Allocation: As consideration for the merger, 97,961,500 fully paid-up ordinary shares of Rs. 10 each will be issued in a share exchange ratio of 1,959.23 shares of ZHCM for every 1 share of ITANZ to ITANZ shareholders.
Capital Restructuring:
The authorized share capital of ZHCM will be increased by 100 million shares, bringing the total to 120 million shares post-merger.
The total paid-up capital will rise to 107,821,500 shares.
The company has announced that a separate notice of book closure will be issued to complete the necessary corporate formalities. Additionally, ZHCM has applied for certified copies of the court order and will provide further updates in due course. – ER
