Kohinoor Power Company, Saritow Spinning Mills withdraw amalgation decision
MG News | September 30, 2024 at 03:28 PM GMT+05:00
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.
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