Bhanero Textile approves transfer of BEL’s Kotri Unit undertaking to BTML

June 10, 2022 (MLN): The board of directors of Bhanero textile Mills (BTML) has passed a resolution to approve the Scheme of Arrangement wherein Bhanero Energy Limited (BEL)-Kotri Unit 1 undertaking is being transferred to BTML, the notice issued to PSX on Friday said.

The board approved the scheme with modifications, changes/amendments to finalize it which was approved earlier by the board on April 7, 2022. However, it doesn’t materially affect the substance of the scheme, the notice added.

Pursuant to the Scheme, the BEL-Kotri Unit 1 Undertaking is being transferred to BTML at book value and in consideration thereof BTML shall issue shares to the shareholders of BEL on the basis of the break-up value of the existing issued and paid-up shares of BTML which is significantly higher than the market value of the shares (at the time of approval of the Scheme by the board of directors of the companies).

The BEL owns and operates two power generation facilities, one having a gross capacity of 3.726MW located at E-2, S.I.T.E Kotri, Sindh and the other having a gross capacity of 33.694MW located at 18-KM, Sheikhupura Faisalabad, Punjab.

To note, the BEL Kotri Unit sells its entire generated energy to BTML’s textile facility located at Kotri, Sindh.

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