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.