Nishat Chunian's board approves scheme of arrangement with Nishat Chunian Power

By MG News | May 09, 2024 at 01:27 PM GMT+05:00

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May 09, 2024 (MLN): The Board of Directors of Nishat Chunian Limited (PSX: NPL) has considered and approved the Scheme of Arrangement amongst NPL and Nishat Chunian Power Limited (PSX: NCPL) and their two shareholders, company’s filing on PSX revealed today.

The shareholders include Shahzad Saleem and Nishat Mills Limited (PSX: NML).

The Scheme of Arrangement is subject to obtaining all necessary approvals of shareholders, creditors and regulatory approvals, and the sanction of the scheme, it said.

The Board of Directors has also adopted and approved the special audited financial statements of NPL for 8 months period as at 29 February 2024, audited by the external auditor for the purpose of the Scheme.

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