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.
