Multan January 12 2022: In compliance of Hon'able Lahore High Court's order dated 31.07.2019 passed in CO No. 133794/2018 sanctioning Creditors' Scheme of Arrangement (Scheme) already submitted with the Pakistan Stock Exchange Limited and the Securities and Exchange Commission of Pakistan, it is required that the properties of the Company, inter alia, Spinning Unit located Alipur Road, Muzaffargarh (Muzaffargarh Unit) be sold by the Creditors of the Company as security enforcement action.
Garments Unit located at 20 KM, Off: Ferozepur Road, 6 KM Badian Road on Ruhi Nala, Dev Khurd, Lahore (FPR Unit) that was also required to be sold under the Scheme have already been sold and disclosure to PSX/SECP has been made in this respect.
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Now, the Agent Banks of Creditors have accepted the bid for the sale of lands related to Muzaffargarh Unit including all plant, equipment and installments thereon at a price of PKR 1,420 million. The sale transaction will be completed within 12 months from the date of issuance of bid acceptance letter (i.e. 29-12-2021).
However, management clear that the sale of said Unit will not affect the business/production of the Company as the said Unit has already been 'held for sale' and the Company has sufficient arrangements to cater its business plans/requirements.