RCML board approves merger with Amer Cotton Mills

MG News | August 28, 2024 at 12:54 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

August 28, 2024 (MLN): The Board of Directors of Reliance Cotton Spinning Mills Limited (PSX: RCML) has approved the scheme of compromise, arrangement, and reconstruction for the amalgamation/merger of Amer Cotton Mills (Pvt.) Limited (ACML) with RCML.

The agenda was approved by the board in its meeting held on August 28, 2024, as communicated by the company.

Upon the completion of the merger/amalgamation through the intended Scheme, ACML will be dissolved under the order of the Honorable High Court of Sindh at Karachi without winding up.

Moreover, the shares of RCML shall be issued to the registered shareholders of ACML as per the SWAP ratio as certified /determined by Shinewing Hameed Chaudhri & Co, Chartered Accountants.

The scheme is subject to obtaining all the required shareholders, creditors and regulatory approvals and sanction of the Scheme by the Honorable High Court of Sindh at Karachi along with fulfilment of corporate, regulatory and legal formalities.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	177,370.71 271.87M	0.23% 404.02
ALLSHR	107,716.20 642.21M	0.11% 116.44
KSE30	52,827.24 82.38M	0.35% 182.71
KMI30	251,579.93 132.42M	0.03% 64.11
KMIALLSHR	69,528.14 417.99M	0.00% 2.11
BKTi	50,313.91 13.15M	1.11% 551.71
OGTi	36,509.94 8.96M	-0.87% -321.36

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	78,885.00	79,360.00 78,140.00	-125.00 -0.16%
BRENT CRUDE	86.10	87.15 85.41	-2.48 -2.80%
RICHARDS BAY COAL MONTHLY	110.30	0.00 0.00	0.80 0.73%
ROTTERDAM COAL MONTHLY	124.80	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	80.35	81.31 79.62	-2.01 -2.44%
SUGAR #11 WORLD	17.32	17.39 17.14	0.05 0.29%