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No decision on de-listing taken yet, ZIL Limited clarifies

ZIL Limited reports remarkable turnaround with Rs226.8m profit in 9MCY23
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June 08, 2023 (MLN): ZIL Limited (PSX: ZIL) on Thursday clarified that the company's Board of Directors (BoD) has not yet taken any decision pertaining to the de-listing of the company. 

While referring to the latest article published in a well-known newspaper cited, "The foreign acquirer is likely to scoop up the remaining shares held by retail investors at a later stage given that ZIL plans to de-list from the stock exchange, according to an investment banker involved," the management said is a statement made by the investment banker who was involved in the transaction. 

It is not a statement made by the company. Further, at no time has the BoD of the company made any decision regarding the de-listing of the company, it added. 

Please note that the Public Announcement of Offer dated March 17, 2023, made by New Future Consumer International General Trading LLC (the "Acquirer") had stated the following under the head "Details of the Public Offer".

"Details regarding the future plan for the target company. including whether after the acquisition the target company would continue as a listed company or not.

The Acquirer plans to turn around the existing business of the company and will evaluate opportunities as well as explore all available options for expansion that are to the benefit of the target company and its investors including but not limited to the disposal and sale of Hyderabad factory with freehold land and related assets.

The Acquirer shall hereafter determine whether it is advisable for the target to maintain its status as a publicly listed company.

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Posted on: 2023-06-08T15:50:39+05:00