GATM receives offer to acquire 49.5MW Wind Power project

MG News | October 30, 2023 at 03:40 PM GMT+05:00

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October 30, 2023 (MLN): Gul Ahmed Textile Mills Limited (PSX: GATM) has received an invitation to submit a non-binding offer from the financial advisor of a potential seller to acquire up to 100% equity stake in a public limited company which owns and operates a 49.5MW wind power project in the province of Sindh, the company's filing on PSX showed today.

The board of directors of the company has decided to review the Information Memorandum prepared by the financial advisor of the potential seller and submit a non-binding offer for the acquisition of 100% shares of the Target Company.

"It is our understanding that the proposed seller has extended a similar invitation to a few prospective buyers," the notification sent to PSX reads.

In terms of the invitation, following the receipt of the non-binding offers, the proposed seller may at its sole discretion invite shortlisted investors to carry out detailed due diligence of the Target Company and accordingly submit a binding offer.

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