Azgard-9 announces approval of sale of lands related to FPR unit at PKR 825 million

MG News | December 30, 2020 at 09:59 AM GMT+05:00

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December 30, 2020 (MLN): Azgard Nine Limited (ANL), in a notification to PSX, has announced that the Agent Banks of Creditors have finalized and approved the sale of lands related to the FPR unit including all plant, equipment and installments thereon at a price of PKR 825 million.

The company, on the demand of Agent Banks of Creditors, has therefore executed sale agreement/deeds for its FPR unit on December 29, 2020.

However, the notice said that the sale of said FPR unit will not affect the business/ production of the company as it has arranged sufficient production facilities to cater to its business requirements.

To recall, the Honorable Judge of the Lahore High Court had announced the approval of the said Creditors’ Scheme of Arrangement in the Court wherein it was required that the two units of the company be sold as security enforcement action for the restructuring of the Company’s liabilities.

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