Board of ZIL Limited approves major share transfer

MG News | February 14, 2025 at 04:14 PM GMT+05:00

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February 14, 2025 (MLN): The Board of Directors of ZIL Limited (PSX: ZIL) has approved the Share Transfer Agreement between New Future International General Trading L.L.C (NFCI), TWF HOLDING L.L.C-FZ, Mr. Salomon Jacobus Van Rooijen, and ZIL Limited in a meeting held on February 14, 2025.

The approval is subject to the consent of financial institutions and the fulfillment of all terms and conditions stipulated in the agreement.

NFCI, a company incorporated in the United Arab Emirates and holding an 84.84% shareholding in ZIL Limited, is transferring its entire stake to TWF HOLDING L.L.C-FZ, another UAE-incorporated entity.

Both NFCI and TWF HOLDING L.L.C-FZ are single-member limited liability companies owned by the same legal and beneficial owner, Mr. Salomon Jacobus Van Rooijen, the company's filing on PSX revealed today.

The share transfer is being carried out under the exemption provided in Section 109(1)(h)(iii) of the Securities Act 2015.

As part of the process, NFCI submitted the Share Transfer Agreement to the company's board for approval, and as mentioned above, it has been approved.

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