RCSML announces court-approved merger with ACML

MG News | November 20, 2024 at 03:02 PM GMT+05:00

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November 20, 2024 (MLN): The Honorable High Court of Sindh has approved the Scheme of Amalgamation/Merger of Amer Cotton Mills (Pvt.) Ltd (ACML) into Reliance Cotton Spinning Mills Limited (PSX: RCSML) under Sections 279 to 283 of the Companies Act, 2017.

RCSML informed market participants of this development through a notice issued to the PSX earlier today.

Following the announcement, RCSML's stock price recovered from a sharp decline earlier in the trading session. However, it remains in the red, down 2.95%.

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