Landmark Spinning Industries to resume operations after successful reverse merger

MG News | July 03, 2024 at 03:33 PM GMT+05:00

0:00

July 03, 2024 (MLN): Landmark Spinning Industries Limited (PSX: LMSM) was in the process of a reverse merger during Q2 CY24 with an operating unlisted company and will commence operations as a merged entity, as informed by the company in its progress report issued to PSX today.

As of the latest update, a joint petition seeking the court's sanction of the Scheme of Arrangement was filed on May 22, 2022, in the High Court of Sindh at Karachi.

However, the court proceedings have been adjourned, and new dates have been scheduled within this quarter.

Consequently, the company considers the matter to be still in progress with the court and is diligently monitoring the developments in compliance with PSX Regulation.

“Any further updates or developments on this matter will be promptly communicated to you,” it concluded.

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