Lahore High Court approves Scheme of Arrangement petition's filed by FCML and FWML

MG News | March 25, 2021 at 04:30 PM GMT+05:00

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March 25, 2021 (MLN): Fazal Cloth Mills Ltd, a holding Company (FCML) filed Petition jointly with Fazal Weaving Mills Limited, a wholly owned subsidiary (FWML) to the Honorable Lahore High Court in order to obtain the approval of the Scheme of Compromises, Arrangements and Reconstruction for Merger between FCML and FWML.

The Honorable Lahore High Court, after due process, has sanctioned the Petition and accorded the approval of the Scheme of Arrangement. The FWML stands merged into FCML and FCML is surviving entity with no change in authorized/issued/subscribed/paid-up capital.

In a notice to PSX, FCML informed that it is taking all requisite steps to fulfill the requirements / post-merger completion steps and procedures in terms of the scheme along with all actions ancillary thereto.

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