GATM to re-formulate the terms for a carve-out of its local business segment into wholly-owned subsidiary

By MG News | February 25, 2021 at 10:50 AM GMT+05:00

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February 25, 2021 (MLN): The Board of Directors of Gul Ahmed Textile Mills Limited has authorized the company to re-formulate and propose the terms for a carve-out/hive-out of its local business segment (including retail business along with related assets) into a wholly owned subsidiary which was put on hold last year due to COVID Pandemic, along with a reorganization of other related assets by means of a merger / demerger and upon finalization of the same by the management, be presented to the BoD for their consideration.

Furthermore, the company has also been re-authorized to incorporate a wholly owned subsidiary for the purposes of the above and to appoint legal, financial and such other advisors and consultants as may be required for the purposes of the above.

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