CWSM appoints Intermarket Securities for IT business advisory

November 08, 2024 (MLN): The Board of Chakwal Spinning Mills Limited (PSX: CWSM) has approved the appointment of Intermarket Securities Limited as the Financial Advisor/Consultant for the IT business of the company.

The services provided by Intermarket Securities Limited would include private placement, advisory services, fundraising support, regulatory compliance, corporate governance advisory, strategic financial restructuring, transaction management and execution and due diligence support.

The Board has also approved the tentative term sheet provided to it by Intermarket Securities Limited on behalf of their Investors for data center operations of CWSM.

The term sheet is applicable, subject to the regulatory approvals with respect to the change of name of CWSM, the change of the primary line of business to IT and the required due diligence of the company.

"The mandate shall be finalized including a complete scope of services, timeline and will be executed accordingly once the regulatory approvals are accorded," CWSM's notice to PSX concludes.

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