Merit Packaging shareholders greenlight land, factory sale for Rs1.55bn

MG News | January 23, 2024 at 03:33 PM GMT+05:00

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January 23, 2024 (MLN): The shareholders of Merit Packaging Limited (PSX: MERIT) have resolved to dispose of the land and factory building (assets) located at Korangi Industrial Township, Karachi for an aggregate sale consideration of around Rs1.55 billion, a notice issued on the local bouse showed today.

The said assets are situated at 17-B, Sector 29, Korangi Industrial Township, Karachi, and encompass an area of 17,111.11 square yards with an approximate covered area of 140,220 square feet.

Based on multiple valuation reports by SECP’s certified valuers Joseph Lobo (Private) Limited and K.G. Traders (Private) Limited, the aggregate sale consideration is Rs1,554,592,000.

The shareholders have further authorized and empowered the Board of Directors for the sale of assets.

Moreover, the Board is hereby empowered to agree upon modification in these resolutions that may be directed/required by the SECP without the need for any other further approval of the shareholders.

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