Ghani Gases transfers its assets, liabilities and employees to Ghani Chemical Industries

July 26, 2019 (MLN): Ghani Gases Limited in its latest notification has apprised PSX regarding the allotment of shares by Ghani Chemical Industries on transfer of Manufacturing Undertaking in compliance with the order of Lahore High Court.

It clarified that in accordance with the court order, on effective date the Manufacturing Undertaking of the company including all assets, liabilities and employees have been transferred to Ghani Chemical Industries Limited (subsidiary Company) on July, 01, 2018.

“Accordingly, the working directors including Chief Executive Officer of the Company will not be drawing any remuneration from the company. The subsidiary company, however, will make payments to its working directors including CEO as approved by its Board of Directors” the notification said.    

To recall, the company had informed on July 9, 2019, that it has been allotted 100 million ordinary shares by Ghani Chemical Industries Limited in consideration for the transfer of the Manufacturing Undertaking by Ghani Gases Limited.

The move came after the Lahore High Court approved the Scheme of Compromises, Arrangements and Reconstruction between Ghani Gases Limited, Ghani Chemical Industries Limited and Ghani Global Glass Limited on March 12, 2019.

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