Court orders distribution of sale proceeds worth Rs490mn: AMTEX

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