December 29, 2021 (MLN): Pakistan Stock Exchange has delisted Ghani Automobile Industries, as a result of merger with Ghani Value Glass Limited (GVGL), notice issued by bourse showed today.
The delisting will stand effective from tomorrow i.e., December 30, 2021.
The notice further states that the trading in the shares of Ghani Automobile Industries Limited has already been suspended and the shares of the surviving entity (i.e. Ghani Value Glass Limited) have been issued to the shareholders of Ghani Automobile Industries Limited as per the swap ratio.
To recall, last year on January 16, the board of directors of Ghani Automobile Industries Limited considered the proposed merger of the company into GVGL, and accorded their consent to initiate the necessary steps for the said merger.
Meanwhile, in the recent corporate briefing session with investors, the management of the GVGL updated that they are planning to enter the automobile and appliances industries which could prove to be a major revenue growth driver for the tempered glass segment.
