Karachi November 18 2021: The Board of Directors of Fauji Cement Company Limited (“Board”) in their meeting held on 17th November 2021 have approved a Scheme of Arrangement for the amalgamation of Askari Cement Limited with and into FCCl and its placement before the shareholders in the Extraordinary General Meeting of the Company as Special Business for their approval as per requirements of Companies Act 2017.
In accordance with the Scheme, the entire Askari Cement undertaking together with all its properties, assets, rights, trademarks, patents, liabilities and obligations will be transferred to and will vest in FCCl;.
A L S O || R E A D
SECP Approved Change In SERF Name To “G3 Technologies”: PSX
Board of Directors approve 5 shares of FCCl for every 1 share held in Askari Cement Limited with share swap ratio has been determined as 5:1.
Askari Cement Limited will be dissolved without winding up.
