Lahore August 21 2023: Saif Group has initiated the voluntary winding up process for Saif Cement Limited, as reported in the exchange filing by Saif Power Limited.
“The decision to recommend the voluntary winding up of Saif Cement Limited, an unlisted subsidiary company, has been made by the Board of Directors of Saif Power limited in the shareholders' best interests. This recommendation is pending approval from the shareholders and will be discussed at the Extraordinary General Meeting of the Company scheduled for September 12, 2023. In the event of winding up, the proceeds from the subsidiary will be returned to the Company, which intends to utilize the received funds,” according to a statement issued by Saif Power.
In 2021, the management approved the proposal for sale of land and other assets of Saif Cement Ltd. (SCL). SCL was in the process of being sold. The proceeds from sale of assets will be used by SCL to payback to sponsors according to their investment after liquidation of SCL.