High court approves Nishat Chunian Group's restructuring scheme
MG News | November 08, 2024 at 05:21 PM GMT+05:00
November 08, 2024 (MLN): The Lahore High Court has sanctioned the scheme of arrangement between Nishat Chunian Limited (PSX: NCL) and Nishat Chunian Power Limited (NCPL), which was initially communicated to the Pakistan Stock Exchange in May 2024.
This internal restructuring, undertaken as part of the Scheme of Arrangement, aims to streamline the corporate structure of the Nishat Chunian Group.
By restructuring Nishat Chunian Group, shareholding of the companies will be streamlined allowing the respective investors, shareholders and stakeholders to focus on the business, including, expansion of the business, of respective companies.
By streamlining the capital structure of the respective companies of Nishat Chunian Group, respective shareholders will have more control over their respective companies, allowing them to steer the growth of the business as well as reducing costs, including administrative cost, of their respective companies.
Moreover, the boards of respective companies will be streamlined allowing further strengthening of relationships amongst the Boards and key employees of respective companies.
Based on the scheme of arrangement, NML shareholding in NCI will be transferred to, and vested in, Shahzad Saleem.
In return and as consideration, the corresponding part of Shahzad Salem's shareholding in NCPL will be transferred to, and vested in, NML.
The projected shareholding of Shahzad Saleem and NML in NCL and NCPL, upon the exchange of shares under this clause, is as follows:
| NML Shareholding in NCL | Share Swap Ratio between NCL and NCPL | Shares of NCPL held by Shahzad Saleem to be exchanged |
|---|---|---|
| A | B | A*B |
| 32,689,338 | 1.93 | 63,090,422 |
The foregoing exchange of shares between NML and Shahzad Saleem has been calculated and determined on the basis of share swap ratio in relation to NCI. and NCPL.
To recall, on September 24, 2024, the Competition Commission of Pakistan (CCP) approved internal restructuring involving NCL, NCPL, NML, and the CEO of NCL, Shahzad Saleem.
The CCP’s Phase 1 competition assessment revealed the primary business activities of each undertaking involved in the transaction.
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