Azgard Nine’s sale of Muzaffargarh unit extended to June 30, 2024

MG News | April 01, 2024 at 01:48 PM GMT+05:00

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April 01, 2024 (MLN): The management of Azgard Nine Limited (PSX: ANL) announced today an extension of the completion date for the sale transaction of the Muzaffargarh Unit until June 30, 2024, as part of the ongoing Creditors' Scheme of Arrangement.

The decision, made by the agent banks of the creditors, is a response to certain unavoidable circumstances.

It is crucial to mention that initially, the deadline for the sale of lands related to the Muzaffargarh Unit including all plant, equipment, and installments was December 31, 2023, which then got extended to March 31, 2024.

The company is a composite spinning, weaving, dyeing, and stitching unit engaged in the manufacturing of yarn, denim, and denim products.

At the time of writing, the company's script is being traded at Rs7.16, down by 5 paisa or 0.69% compared to the previous close.

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