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	165,596.07 264.75M	-0.54% -902.76
ALLSHR	100,017.71 623.24M	-0.46% -463.69
KSE30	49,464.92 86.97M	-0.60% -299.08
KMI30	238,952.40 97.00M	-0.58% -1388.16
KMIALLSHR	65,314.16 323.73M	-0.44% -285.47
BKTi	44,788.98 46.84M	-0.77% -347.65
OGTi	35,107.09 7.04M	-0.41% -145.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	79,165.00	81,895.00 78,675.00	-2455.00 -3.01%
BRENT CRUDE	109.47	109.75 106.26	3.75 3.55%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-2.95 -2.61%
ROTTERDAM COAL MONTHLY	109.00	109.00 108.75	1.25 1.16%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	101.16	101.57 97.23	4.24 4.37%
SUGAR #11 WORLD	14.78	15.07 14.67	-0.21 -1.40%