Court orders demerger of AHTML for split of spinning business

August 11, 2021 (MLN): Ahmad Hassan Textile Mills Limited (AHTML) informed Pakistan Stock Exchange through a notice that the honorable Lahore High Court has ordered the demerger of AHTML for split of spinning business and take over by Ahmed Hassan Spinning Limited (AHSL).

To note, this petition under sections of the Companies Act, 2017 had been filed by authorized representative  of petitioner/companies for obtaining sanction of this Court to a Scheme of Arrangement  for bifurcation  of weaving  and spinning business of already  existing  company  of petitioner  No 1, AHTML with effect that spinning business shall be transferred to petitioner No.2, AHSL, which is a newly incorporated company.

The same scheme of the company had been approved by members/shareholders of AHTML in extraordinary General Meeting held on November 30, 2019.

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Posted on: 2021-08-11T14:28:00+05:00