Kohinoor Power Company, Saritow Spinning Mills withdraw amalgation decision

MG News | September 30, 2024 at 03:28 PM GMT+05:00

0:00

September 30, 2024 (MLN): The Boards of Directors of Kohinoor Power Company Limited (PSX: KOHP) and Saritow Spinning Mills Limited (SSML) have decided to retract the previously granted approval for the proposed amalgamation of KPCL into SSML.

KOHP shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

This decision follows a thorough review of the current economic conditions and the financial status of SSML, which has ceased production as of February 2024, the company said.

"Given these circumstances, it has been concluded that the anticipated benefits of the merger are no longer achievable. We appreciate the ongoing support of our shareholders and will continue to evaluate strategic options moving forward," the notice reads.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,018.66 138.30M	0.05% 81.72
ALLSHR	98,973.80 403.59M	0.17% 164.66
KSE30	49,460.79 51.40M	0.03% 14.97
KMI30	233,011.03 39.62M	0.13% 295.18
KMIALLSHR	64,476.20 200.81M	0.14% 88.53
BKTi	44,076.19 19.45M	0.29% 129.30
OGTi	32,306.98 7.87M	0.17% 56.15

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	84,090.00	88,150.00 81,485.00	-2350.00 -2.72%
BRENT CRUDE	62.67	63.02 62.20	-0.71 -1.12%
RICHARDS BAY COAL MONTHLY	85.00	0.00 0.00	0.25 0.30%
ROTTERDAM COAL MONTHLY	96.25	0.00 0.00	0.15 0.16%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	58.18	58.80 57.75	-0.82 -1.39%
SUGAR #11 WORLD	14.58	14.74 14.56	-0.08 -0.55%