Karachi February 8 2022: The management of Shakrganj Limited In order to address the net current liabilities position and improve liquidity, financial performance and financial position of the Company, has firmed up a turnaround plan based on disposal of the Bhone Unit of the Company.
Bhone unit includes Sugar and Biofuel divisions. The revalued amount of freehold land, building and plant and machinery as at 30 September 2021 is Rupees 8.749 billion.
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The stock gained 7.47 percent or PKR 2.76 after the announcement with the trading volume of just 11,500 shares in today’s trading session at Pakistan Stock Exchange.
Price discovery by the management for the whole Bhone Unit of the Company including related licenses / rights when built in the future plan results in debt free business, surplus funds and profits for the Company. The management has planned to seek required approvals under section 183 of the Companies Act, 2017 in next couple of months for roll out of the turnaround plan.
