MTL board approves amalgamation with Millat Equipment

By MG News | May 06, 2024 at 01:27 PM GMT+05:00

0:00

May 06, 2024 (MLN): The Board of Directors of Millat Tractors Limited (PSX: MTL) in its meeting held on May 06, 2024 has considered and approved a business expansion plan to amalgamate a subsidiary company, Millat Equipment Limited (MEL) with and into MTL.

According to a notice issued by the company to the Pakistan Stock Exchange (PSX) today, the amalgamation is effective from January 01, 2024.

The Amalgamation would lead to an optimized manufacturing process and improved product quality It will further increase the asset base and size of MTL and as a result, MTL will be in a position to effectively and efficiently benefit from economies of scale with respect to the combined business.

Further business expansion opportunities for MTL are also expected to arise due to this proposed amalgamation.

However, the proposed transaction is subject to receipt of all requisite corporate and regulatory authorizations. consents and approvals.

Copyright Mettis Link News

Related News

Gold price in Pakistan rises Rs4,600 per tola

PSX Closing Bell: A Hard Day’s Fall

BCL halts production amid prolonged tractor industry slump

Name	Price/Vol	%Chg/NChg
KSE100	122,143.57 238.19M	-1.57% -1949.56
ALLSHR	76,055.22 966.52M	-1.36% -1051.07
KSE30	36,883.30 115.66M	-1.74% -653.39
KMI30	180,397.18 129.11M	-2.16% -3973.50
KMIALLSHR	52,092.45 393.86M	-1.73% -918.69
BKTi	29,957.41 15.86M	-1.36% -411.82
OGTi	27,188.26 11.39M	-1.70% -471.10

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	105,455.00	106,630.00 103,010.00	-1640.00 -1.53%
BRENT CRUDE	74.74	78.50 70.41	5.38 7.76%
RICHARDS BAY COAL MONTHLY	88.00	0.00 0.00	-2.00 -2.22%
ROTTERDAM COAL MONTHLY	103.60	103.60 103.50	1.00 0.97%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	73.56	77.62 68.49	5.52 8.11%
SUGAR #11 WORLD	16.08	16.50 16.07	-0.19 -1.17%