BoD of Mian Textiles Industries grants approval for merger with Sufi Steel Industries

March 15, 2019 (MLN): The Board of Directors of Mian Textiles Industries Limited in their meeting held on Friday has approved the letter of intent received from Sufi Steel Industries (Pvt) Limited, regarding the merger between the two companies.

“It is decided that the offer should be considered positively and in this regard an MoU be signed to declare the intentions of both the parties to diligently pursue the proposed merger after due deliberation and finalization of initial terms and conditions” a noticed issued by the company to Pakistan Stock Exchange (PSX) stated on Friday.

The Board resolved that Mian Muhammad Jehangir, CEO of Mian Textiles Industries, be authorized to sign a MoU for the proposed merger after the due deliberation and finalization of initial terms and conditions with the party.

The notice further informed that the process of redemption/clearance from all the banks/litigations and encumbrances has been completed hence, the transaction of sale by transferring the ownership of Land and Buildings, School/Mosque, Power Plant/Gas Generators, Electric Installations, Furniture and Fixture/Equipment etc. at site to Abu Yousaf Group, for a total consideration of Rs 410 million be concluded.

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