Karachi September 16 2021: JDW Sugar Mills Limited Board of Director is holding a meeting to consider the matter regarding sale of project land, building, plant & machinery and any other moveable/immoveable asset of Faruki Pulp Mills Limited, as per information shared by the company at Pakistan Stock Exchange (PSX).
Faruki Pulp Mills Limited is a subsidiary company of JDW Sugar Mills Limited.
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Lahore High Court Allowed Merger of Ghani Group Companies: PSX
Faruki Pulp Mills Limited (“FPML”) was incorporated as a Public Limited Company, with the primary objective to manufacture and sale of paper pulp. The Holding Company holds 57.67% shares of the Subsidiary Company. Further FPML has been, for the considerable number of years, unable to commence its commercial operations and considering this fact management of subsidiary company has principally decided not to inject further funds in the company as significant capital expenditure are required. Moreover, keeping in view commercial viability of the plant as well as the substantial accumulated losses the management of the Subsidiary Company has determined that the company might not be able to realize its assets and discharge its liabilities in the normal course of business. During the year, the FPML through a special resolution passed in its Extraordinary General Meeting held on March 25, 2020 resolved to dispose of its property, plant and equipment either in parts or in their entirety to prospective buyers after due process.
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Hascol Petroleum and Sui Southern Gas Expelled from KSE-100 Index: PSX
