AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Technology

Multinational Information Technology Company Showed Interest For Merger With Zahur Cotton: PSX

Trading in shares of Zahur Cotton Mill is currently in suspension

admin-augaf by admin-augaf
January 17, 2022
in Technology
Reading Time: 2 mins read
0
Multinational Information Technology Company Showed Interest For Merger With Zahur Cotton: PSX
Share on FacebookShare on TwitterWhatsapp

Karachi January 17 2022: Zahur Cotton Mills Limtied (ZHCM) management has received an in principal inquiry from a Multinational Information Technology Company through their financial advisor’s M/S Frontline Advisory Private Limited for the proposed merger with the company.

Trading in shares of Zahur Cotton Mill is currently in suspension mode by Pakistan Stock Exchange due to suspended commercial production / business operations in its principle line of business, noninduction of its Ordinary Shares into CDS, adverse opinion in the audit report, and Show Cause Notice has been issued by SECP for initiating Winding-up proceeding.

The Company has also applied for Voluntarily Delisting from the Pakistan Stock Exchange on 8th May, 2017 but decision is still pending

The principal activity of the Company is manufacturing and selling of grey fabric which continued to remain suspended during the Year.

The auditors have raised doubts regarding the Company’s ability to continue business as a going concern due to the working capital constrains, closure of business operations since long and unfavorable business conditions. The management is hopeful that the favorable business opportunities will be found in the near future which will enable the company to come out of this situation. We are further confident that continued support from directors / sponsors / other related parties will enable the company to remove working capital constraints.

The qualification in audit report regarding trade creditors, accrued liabilities and advances from customers are the balances as on June 30, 2021. The company is planning to restart the operations after getting delisted from Pakistan Stock Exchange. These liabilities will be settled in full once the Company earns sufficient income either from its ordinary operations or rental business. We requested legal advisor to reply the auditors direct confirmation, however, he had not replied till the date of authorization of financial statements.

Source: Pakistan Stock Exchange
Tags: Adviser to the PM on Commerce Abdul Razak DawoodAdvisoryFDIForeign Direct InvestmentHammad AzharInformation TechnologyM/S Frontline Advisory Private LimitedMergerMultinational ITPTITextileWeavingZahur Cotton
admin-augaf

admin-augaf

Related Posts

Nasdaq Rises as Tesla Rallies on Record EV Deliveries
Business

Global Stocks Rally After US, China Pause Tariff War, but Uncertainty Remains

May 13, 2025
TRG group company IBEX beat estimate with 246 percent profit growth
Business

TRG Subsidiary IBEX Share Price Surge Nearly 20% In a Single Day on Record Profits

May 10, 2025
UAE to Taught AI in Schools Starting from Kindergarten
Culture

UAE to Taught AI in Schools Starting from Kindergarten

May 4, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025
Pakistan exports to US surge to $9 billion: Ambassador

Pakistan’s Technology Exports Surpass $3 Billion, Marking 21% Growth in First 10 Months

May 16, 2025
uaetreasury

UAE to Boost Energy Investments in US to $440 Billion by 2035

May 16, 2025
ICI Joins The Race To Acquire Majority Stake In Lotte Chemical

Lotte Chemical to Start Operating Indonesia Cracker in H2 2025

May 16, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025
  • Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners
  • Pakistan’s Technology Exports Surpass $3 Billion, Marking 21% Growth in First 10 Months

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.