Sapphire Fibres approves merger with Reliance Cotton Spinning Mills

MG News | September 26, 2025 at 10:13 AM GMT+05:00

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September 26, 2025 (MLN): Sapphire Fibres Limited (PSX: SFL)'s Board of Directors has approved a Scheme of Compromises, Arrangement, and Reconstruction for the amalgamation of Reliance Cotton Spinning Mills Limited (RCSML) with and into Sapphire Fibres.

The merger will be carried out under Sections 279 to 283, read with Section 285, of the Companies Act, 2017, and other applicable provisions.

Following completion, RCSML will be dissolved without winding up, pursuant to the order of the Sindh High Court.

Shares of Sapphire Fibres will be issued to the registered shareholders of RCSML according to the swap ratio certified by Shinewing Hameed Chaudhri & Co., Chartered Accountants.

The scheme is subject to the required approvals from shareholders, creditors, regulators, and the sanction of the Sindh High Court, in addition to fulfilling other corporate and legal formalities.

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