July 06, 2022 (MLN): Alpha Beta Core Solutions (Private) Limited being a manager to the offer by New Future Consumer International General Trading LLC (Acquirer) has submitted a Public Announcement of Intention (PAI) to acquire more than 51% shares and control of ZIL Limited (Target), the notice issued to PSX said today.
Earlier this year, on January 13, 2022, the board of directors of ZIL Limited approved the closure of a factory located in Hyderabad as it faced operational difficulties due to the housing society built in its surrounding area.
After reviewing the operation difficulties of an existing manufacturing facility, the board also decided to offer a voluntary separation scheme to factory staff while shifting all manufacturing operations to toll manufacturing through third-party arrangements.
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