LHC approves separation of property between NCL, Nishat Chunian Properties

MG News | July 20, 2022 at 01:40 PM GMT+05:00

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July 20, 2022 (MLN): The honorable Lahore High Court (LHC) has sanctioned the scheme of arrangement pertaining to the separation of the property between Nishat (Chunian) Limited (PSX: NCL) and Nishat Chunian Properties (NCPL), a 100% owned subsidiary of NCL, the company filing on PSX showed today.

The principal object of the scheme is the separation of the piece of lance from NCL and transfer to NCPL against the issuance of ordinary shares of NCPL to NCL.

The said scheme would make NCL and NCPL independent of each other by the transfer amongst the members of NCL of the NCPL shares, the notice added.

At the time of writing the stock of NCL is being traded at Rs44, up by 95 paisa or 2.21% DoD.

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