October 02, 2023 (MLN): The Board of Directors of Cnergyico PK Limited (PSX: CNYERGY) has granted in-principle approval to formulate and propose the terms for potentially carrying out a corporate reorganization/restructuring of the company and its group entities, the company's latest filing on the PSX showed today.
This involves segregating the company's business units by carving the same into separate subsidiaries to facilitate the generation of new investment in the business units and for better focus and management of the business units.
The BoD has given the green light to prepare necessary documents in this respect, upon finalization of which by the management, the same be presented to the BoD for their consideration and approval.
To proceed further in the matter, the BoD authorized the company to, inter alia, engage legal, financial, and such other advisors and consultants as may be required for the purposes of the above, and carry out other necessary steps and actions.
