Gatron Scheme of Arrangement gets High Court nod

November 12, 2026 (MLN): Gatron (Industries) Limited’s (PSX:GATI) Scheme of Arrangement under Section 279 of the Companies Act, 2017, with Nova Frontiers Limited and Ghani & Tayub (Private) Limited and their respective members, has been approved by the High Court of Balochistan, Quetta.

Under the order, 31,895,139 fully paid-up ordinary shares of Gatron held by Nova Frontiers will be cancelled, and the same number of Gatron shares will be issued to the outgoing shareholders of Nova Frontiers.

Shareholders other than Ghani & Tayub will receive 8.13 Gatron ordinary shares for every Nova Frontiers share they hold.

For the Nova Frontiers shares held by Ghani & Tayub, the corresponding Gatron shares will be issued directly to Ghani & Tayub’s shareholders in proportion to their holding in that company.

The court also ordered the cancellation of 3,921,109 ordinary shares of Nova Frontiers, held by its shareholders including Ghani & Tayub.

This reduces Nova Frontiers’ paid-up capital, with a corresponding appropriation of general reserve and accumulated profits.

After the cancellation, Nova Frontiers’ paid-up capital stands reduced to Rs96.65mn, divided into 9,664,574 ordinary shares of Rs10 each.

Separately, 3,240,774 Gatron shares already held by Ghani & Tayub will be cancelled before the scheme takes effect. In their place, 3,240,774 new Gatron shares will be issued directly to Ghani & Tayub’s shareholders in proportion to their holding, using general reserve and unappropriated profits.

The court ordered that the remaining shareholders of Nova Frontiers keep their shares in its issued and paid-up capital, and that Nova Frontiers and Ghani & Tayub continue to own and operate their remaining undertakings as defined in the scheme.

For book-entry securities, the court directed that the orders be carried out by transfer, cancellation and addition in the relevant accounts and sub-accounts in the Central Depository System.

Any jumbo certificates issued in favour of the Central Depository Company of Pakistan Limited are to be cancelled and substituted accordingly.

The aforementioned information was disseminated through a notification to Exchange.

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