March 03, 2022 (MLN): Zahur Cotton Mills Limited (ZHCM), in an extra general meeting held today, has approved the disposal of the company's assets which will be used to redeem/ settle/ payoff/ adjust the company’s long outstanding liabilities, including the sponsor loan, the company’s filing on bourse showed today.

Resultantly, it will clean up un-used/unnecessary/long outstanding dues and make the company's financials more promising and lucrative for any potential investor(s), it added.

The assets comprise freehold land, building on freehold land and plant & machinery located at 94-KM Multan Road, Pul Jaurian, Akhtarabad, District Okara.

To note, on January 17, 2022, the company had informed that the management of ZHCM had received an in-principle inquiry from a multinational Information Technology (IT) company, through their financial advisor's Frontline Advisory Private Limited for the proposed merger with the company.

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