Zahur Cotton Mills takes steps to resume operations
MG News | January 16, 2025 at 11:33 AM GMT+05:00
January 16, 2025 (MLN): Zahur Cotton Mills Limited (PSX: ZHCM) is actively taking steps to initiate or resume its commercial production and business operations.
The company is making notable strides in resuming its commercial operations and getting ready for the listing of its shares on the Central Depository Company (CDC).
“As previously communicated, ZHCM is engaged in a strategic merger with an IT company to revitalize its operations,” the progress report for the quarter ended December 31, 2024, reads.
Here is an update on the latest developments concerning the merger proceedings.
The Merger Scheme, approved by the Board of Directors, has been filed with the Honorable Lahore High Court, in compliance with relevant regulations.
The Lahore High Court has completed the initial hearings and appointed Court Lawyers to oversee the Extraordinary General Meeting (EOGM) of shareholders to seek approval for the Merger Scheme.
On 27th March 2024, the EOGM was conducted, shareholders approved the Merger Scheme, and the Court Lawyers submitted their report to the Court.
A third hearing was held on 4th September, during which SECP was advised to review the company's response to their comments on the Scheme of Arrangement.
Meanwhile, the Competition Commission of Pakistan has approved the business merger.
The fourth hearing took place on 8th October 2024, during which SECP submitted their second round of comments, to which the company responded, and the original copy was filed at the Honorable High Court.
The next hearing is scheduled for the first week of February 2025, and the company is optimistic that it will be the final one, as all SECP's queries regarding the Scheme of Arrangement have been addressed, with the Court’s approval anticipated, Inshallah.
The company remains steadfast in its commitment to achieving a favorable outcome for our stakeholders and is focused on ensuring the timely commencement and resumption of business operations.
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