Nishat Chunian Limited to sell its cinema subsidiary NCEL

MG News | July 26, 2018 at 10:53 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

Nishat (Chunian) Limited, in a notification to the Pakistan Stock Exchange, has announced its intentions to sell NC Entertainment (Private) Limited (NCEL), a hundred percent subsidiary of the company.

As reported by the company, NCEL’s annual turnover for the year ended 30 June 2017 was Rs. 148 million, which, in comparison to the parent company, i.e. Nishat Limited’s annual turnover ( Rs. 29,815 million for 2017) is insignificant.

Presently, the sole business of NCEL is running cinema screens in Lahore and Multan. Since the business of NCEL is not directly related to the parent company’s business, they’ve decided to sell the entire shareholding of NCEL.

The sale is, however, subject to the approval of the general meeting of the company, and any regulatory approvals required for the process.

PSX notification

Related News

Name	Price/Vol	%Chg/NChg
KSE100	167,819.98 14.07M	0.23% 378.07
ALLSHR	101,595.03 46.03M	0.32% 322.54
KSE30	50,103.32 6.76M	0.24% 119.46
KMI30	241,035.95 8.48M	0.26% 617.80
KMIALLSHR	65,705.21 25.49M	0.23% 151.35
BKTi	46,600.52 0.78M	0.20% 90.71
OGTi	34,159.77 0.46M	0.28% 93.80

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	82,535.00	82,725.00 81,750.00	585.00 0.71%
BRENT CRUDE	102.79	104.09 102.69	-1.49 -1.43%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	1.40 1.10%
ROTTERDAM COAL MONTHLY	143.85	146.10 143.85	0.40 0.28%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	90.31	91.41 90.22	-1.18 -1.29%
SUGAR #11 WORLD	20.19	21.03 20.09	-0.64 -3.07%