Archroma Pakistan Limited (PSX: ARPL) is exploring a potential merger with Huntsman Textile Effects Pakistan (Private) Limited.
In a stock filing, the chemical maker said its Board of Directors has authorized the company to explore the feasibility of a potential merger of Huntsman Textile Effects Pakistan (Private) Limited, being a subsidiary of the Company’s parent/holding company i.e. Archroma Textiles GmbH, with and into the company.
Upon finalization by the management, the same will be presented to the board of directors for their consideration, the filing read.
“For the purposes of the same, the company has also been authorized to, inter alia, engage legal, financial, and such other advisors and consultants as may be required for the purposes of the above, and carry out other necessary steps and actions,” it added.
ARPL’s scrip at the bourse closed at Rs. 425.03, up 0.01 percent or Rs. 0.03 with a turnover of 50 shares on Wednesday.