Ghani Automobile Industries’ shareholders authorize resolution merger with Ghani Value Glass

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By MG News | November 26, 2020 at 07:02 PM GMT+05:00

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November 26, 2020 (MLN): The shareholders of Ghani Automobile Industries Limited (GAIL) in an extraordinary general meeting held on November 19, 2020, and held again on November 26, 2020, have passed the following resolution.

  • Ghani Automobile Industries Limited to be merged with and into Ghani Value Glass Limited in accordance with the Scheme of Arrangement ("Scheme") for amalgamation to be approved by the Lahore High Court Lahore.
  • The Scheme of Arrangement ("Scheme") for amalgamation between Ghani Automobile Industries Limited and its members and  Ghani Value Glass Limited and its members considered by the meeting and initiated by the Chairman of the meeting for purpose of identification be and is hereby adopted, agreed and approved.
  • The SWAP ratio as recommended by the board of directors of Ghani Automobile Industries Limited be and is hereby approved and issuance of 1 ordinary share of Ghani Value Glass Limited to be issued to the shareholders of  Ghani Automobile Industries Limited in exchange for every 7.8047 ordinary shares of Ghani Automobile Industries Limited held by them be and is hereby approved.
  • The CEO, CFO and the Company Secretary are hereby jointly and singly authorized to take all steps necessary, ancillary and incidental by the Company for completion of the amalgamation of  Ghani Automobile Industries Limited with and into Ghani Value Glass Limited.

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