ARPL to be merged with Huntsman
MG News | April 27, 2023 at 02:14 PM GMT+05:00
April 27, 2023 (MLN): The board of directors of Archroma Pakistan Limited (PSX: ARPL) on Thursday approved the draft Scheme of Arrangement as per which the entire undertaking of Huntsman Textile Effects Pakistan (Private) Limited (Huntsman) including its assets, liabilities, obligations, rights, and business shall be merged, by way of amalgamation, with and into ARPL, the company's filing on PSX showed today.
Accordingly, an aggregate of 445,460 ordinary shares of the company shall be issued to the shareholders of Huntsman, based on a swap ratio of approximately 0.0455 ordinary shares of the company for every one share of Huntsman.
The aforesaid scheme is subjected to finalization thereof, obtaining all necessary shareholders', creditors' and regulatory approvals, and the sanction of the scheme by the High Court of Sindh at Karachi along with the fulfillment of related legal formalities.
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