HACC resumes commercial activities

August 2, 2022 (MLN): Hashimi Can Company Limited (HACC) has resumed commercial activities/business operations, the company’s filing on the bourse showed today.

For this purpose, the auditor of the Company has issued the necessary certificate about the “Resumption of Commercial Activities/ Business Operations”.

Furthermore, the Auditor in its enclosed certificate has also certified that the Company has removed all uncertainties over the use of the “Going Concern Assumption,” which had previously led to an adverse opinion in the last year's audited report of the Company.

In June, Modaraba Al Mali (PSX: MODAM) entered into an arrangement with HACC to acquire 489,900 (29.99% equity capital) shares of the company.

By acquiring a stake, MODAM aimed to lead the revival and rehabilitation of the HACC under the proposed name of MetaTech Health Limited and invest in a 3D Technology company manufacturing invisible dentures with 100% of its products exported to foreign markets.

The aforesaid transaction was subject to transfer upon the removal of the suspension status of HACC by PSX as per the PSX Rulebook.

 Accordingly, HACC initiated necessary steps for seeking the removal of suspension at PSX as the matter of winding up against the company was already set aside by the SECP.

To recall, in January 2019, the Board of Directors of the company decided to start voluntary de-listing and buyback of minority shareholders, after the business shut down and subsequent termination of all employees in 2011 due to illegal strikes/activities of workers’ union.

The company’s detailed Independent Auditor’s Report for the Year ended June 30, 2019, stated that the closure of the company's operations was due to an illegal strike by the unionized workers, which led to the termination of all employees.

Due to this, the company’s business abruptly shut down, resulting in claims of customers with pending orders which were settled by personal resources of the sponsors along with several litigations at Labor Courts, NIRC and High Court.

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