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

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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.

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