Nishat Chunian Limited (NCL) on Thursday announced it was divesting its entire 100 percent stake in its subsidiary Nishat Chunian Entertainment (Pvt) Limited (NCEL).
The sole business of NCL is running cinema screens in Lahore and Multan. NC Entertainment (Pvt.) Ltd operates nine cinema screens in Lahore under the brand name of ‘Universal Cinemas’.
In a notification sent to the Pakistan Stock Exchange (PSX) on Thursday, Nishat Chunian announced it was divesting its entire 100 percent stake in its subsidiary NCEL condition to approval of the general meeting of the company and regulatory approvals.
NCEL’s annual turnover for the year ended 30 June 2017 was Rs. 148 million, which, in comparison to the Company’s annual turnover (that is Rs. 29,815 million for 2017) is insignificant.
It also said the business of NCEL wasn’t directly related to its core operations, hence it decided to divest its entire 100 percent shareholding in the latter whereas no details were shared as to who the acquirer was and the price at which NECL has been sold.
Nishat Chunian also quoted that this information is not price sensitive at all
as NCL’s script at the bourse was trading at Rs 51.15, up by 0.08% with a turnover of 92000 shares.