MTL board approves amalgamation with Millat Equipment

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

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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.

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