Chakwal Spinning Mills to merge with one of Pakistan's largest tech firms

MG News | January 09, 2024 at 12:33 PM GMT+05:00

0:00

January 09, 2024 (MLN): The Board of Directors (BoD) of Chakwal Spinning Mills Limited (CWSM) has approved the Memorandum of Understanding (MOU) for the merger/acquisition of the company with one of Pakistan's largest technology companies, having a global presence in the USA, UAE, Philippines, and China, said a notice issued by the company.

The board of CWSM made this decision in their meeting held today.

Accordingly, the final amalgamation agreement is expected to be concluded soon among the parties and the board has also approved the appointment of the consultant in this regard.

It is crucial to note that the company is engaged in the business of textile spinning and is presently under the defaulter segment.

On a positive note, the company's scrip has reached the upper limit in today's trading session, currently trading at Rs13.9, up by 7.75% compared to the previous close.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	174,054.32 414.47M	-0.24% -418.47
ALLSHR	104,614.51 954.56M	-0.04% -36.82
KSE30	53,302.93 170.17M	-0.35% -187.58
KMI30	248,539.23 176.46M	-0.45% -1124.66
KMIALLSHR	67,872.78 518.91M	-0.25% -166.70
BKTi	48,390.43 34.49M	0.05% 22.29
OGTi	34,888.42 15.94M	0.06% 21.04

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	88,085.00	89,705.00 87,470.00	-175.00 -0.20%
BRENT CRUDE	60.91	61.92 60.63	-0.42 -0.68%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	0.65 0.75%
ROTTERDAM COAL MONTHLY	96.75	0.00 0.00	0.20 0.21%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	57.43	58.55 57.20	-0.52 -0.90%
SUGAR #11 WORLD	14.95	15.22 14.80	0.11 0.74%