Court orders distribution of sale proceeds worth Rs490mn: AMTEX

MG News | October 24, 2022 at 03:23 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

October 24, 2022 (MLN): Amtex Limited (PSX: AMTEX) on Monday informed that the honorable court confirmed the auction and ordered for distribution of sale proceeds of Rs490 million amongst first charge holder banks in proportion to the value of their charge.

“The entire sale proceeds of Land, Building, and Machinery of Rs805mn have been adjusted against the loans of the company by the relevant banks / financial institutions”, the notification sent to PSX read.

The aforesaid development took place after the Court Auctioneers auctioned the company's Spinning Division Land and Building at Rs490 million in response to the application filed by the Bank of Punjab.

During the pendency of the execution petition, the Decree Holder bank, the company as well as other first charge holder banks/financial institutions reached a negotiated deal and agreed to withdraw objection petitions on the auction of land and building.

They also agreed to the sale of the Spinning Division's machinery to the Auction Purchaser for Rs315mn.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,476.19 245.90M	1.00% 1783.26
ALLSHR	108,506.71 458.04M	0.91% 979.32
KSE30	53,556.55 81.57M	1.01% 533.67
KMI30	256,590.08 81.63M	0.71% 1800.81
KMIALLSHR	70,494.65 317.92M	0.80% 557.51
BKTi	48,791.13 13.34M	1.72% 824.49
OGTi	37,000.80 3.02M	0.45% 167.14

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	62,685.00	63,045.00 62,390.00	320.00 0.51%
BRENT CRUDE	76.04	77.00 75.93	-1.04 -1.35%
RICHARDS BAY COAL MONTHLY	115.00	0.00 0.00	0.00 0.00%
ROTTERDAM COAL MONTHLY	125.90	125.90 125.90	-0.15 -0.12%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	72.22	73.18 72.07	-0.99 -1.35%
SUGAR #11 WORLD	13.93	14.03 13.75	0.09 0.65%