MEHT approves demerger of apparel unit into MG Apparel

MG News | May 21, 2025 at 03:33 PM GMT+05:00

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May 21, 2025 (MLN): The Board of Directors has approved the demerger of Mehmood Textile Mills Limited (PSX: MEHT) by separating the apparel unit from the company.

Additionally, some leasehold immovable property in Multan Industrial Estate will be transferred to MG Apparel Limited, a wholly owned subsidiary of MEHT.

The demerger aims to enhance operational efficiency, improve the division's performance visibility, and enable it to benefit from value-added incentives provided by statutory authorities.

The Board has also approved the Scheme of Arrangement for this purpose, the company's filing on PSX revealed today.

The management has been authorized to complete all necessary legal formalities, including the filing of a petition under Sections 279 to 283 and 285 of the Companies Act, 2017 before the Lahore High Court, Multan Bench.

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