February 8, 2022 (MLN): The management of Shakarganj Limited has firmed up a turnaround plan in order to address the net current liabilities position and improve liquidity, financial performance and financial position of the company, a notice issued to the bourse showed today.
The turnaround plan is based on a disposal of the Bhone Unit of the company which includes sugar and Biofuel divisions. The revalued amount of freehold land, building and plant and machinery as of 30 September 2021 is Rs8.749 billion.
As per the notice, price discovery by the management for the whole Bhone Unit of the company including related licenses/rights when built in the future plan results in debt-free business, surplus funds and profits for the Company.
The management has planned to seek required approvals under section 183 of the Companies Act, 2017 in the next couple of months for the rollout of the turnaround plan, the notice said.
Soon after the aforesaid announcement, the share price of the company went up by Rs2.76 or 7.47% to Rs39.69 on Tuesday.
