SERF invests Rs400mn in GCIL to revive its business plan

MG News | November 10, 2021 at 04:21 PM GMT+05:00

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November 10, 2021 (MLN): To step forward with the implementation of the revival business plan, Service Fabrics Limited has invested Rs400 million for the purchase of 10 million ordinary shares of Ghani Chemical Industries Limited (GCIL), the largest manufacturer of medical and industrial gases in Pakistan, which has been allotted to SERF on Nov 3, 2021 (credited in CDC) against an unsubscribed portion of right shares of GCIL.

Further, SERF has received 12.2 million shares of GCIL, credited in CDC on November 09, 2021 against a 120% bonus issue announced by the Board of Directors of GCIL on October 28, 2021, the notice issued by the company to Exchange.

To note, Pakistan Stock Exchange has placed Service Fabrics Limited in the Defaulter’s segment with effect from Wednesday, November 10, 2021 as a consequence of the default of Clause 5.11.1 (b) of PSX Regulations i.e suspended commercial production/ business operation in its principal line of business for a continuous period on one year and adverse opinion of the statutory auditor in the audit report.

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