LHC sanctioned Scheme of Arrangement to reconstruct, rearrange Mehmood Group

MG News | June 30, 2022 at 02:18 PM GMT+05:00

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June 30, 2022 (MLN): Mehmood Textile Mills (PSX: MEHT) has informed that the honorable Lahore High Court, Multan Bench has graciously approved the Scheme of Arrangement for the rearrangement and reconstruction of Mahmood Group into Group A and Group B.

Mehmood Group includes Masood Fabrics Limited (MFL), Roomi Fabrics Limited (RFL), Mahmood Textile Mills Limited (MTML), Masood Spinning Mills Limited (MSML), MG Agri Foods (Pvt.) Limited (MGAF), Roomi Poultry (Pvt.) Limited (RPPL), Passion Foods (Pvt.) Limited (PFPL) and Mahmood Cotton Ginning Pressing & Oil Mills (Pvt.) Limited (MCGPO).

By restructuring Mahmood Group into Group A (MFL and RFL) and Group B (MTML, MSML, MGAF, RPPL, PFPL, and MCGPO), the shareholding of all the Petitioner Companies will be streamlined allowing the respective investors and stakeholders to Focus, on the existing business including expansion and modernization 1eaiing to optimum returns for the shareholders.

To recall, the Scheme of Arrangement has been approved by the Board of directors of the petitioner companies and shareholders of those companies in Extraordinary General Meetings held on May 31, 2022.

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