The shareholders of Ghani Chemical Industries Limited (PSX: GCIL) have unanimously approved the Scheme of Compromise, Arrangement and Reconstruction for the Demerger/Merger of Ghani Chemical Industries Limited and Ghani ChemWorld Limited and Ghani Products (Private) Limited.
According to a copy of the resolutions passed in the extra ordinary general meeting held on November 23, 2024, shared with the Pakistan Stock Exhange (PSX), the approval has been given by passing the Special Resolutions under the provisions of Section 279 to 283 of the Companies, Act, 2017 and other applicable provisions.
Pursuant to the provisions of Section 279 to 283 of the Companies, Act, 2017 and other applicable provisions, if any, and subject to the approval by the Lahore High Court or any other competent Court/ authorities, the proposed demerger of Calcium Carbide Project of Ghani Chemical Industries Limited (Transferor Company) with and into Ghani ChemWorld Limited (Transferee Company) along with the draft Scheme of Compromises, Arrangement and Reconstruction as placed before the shareholders, was approved.
Moreover, pursuant to the provisions of Section 279 to 283 of the Companies, Act, 2017 and other applicable provisions, if any, and subject to the approval by the Lahore High Court, the proposed merger of Ghani Products (Private) Limited (Transferor Company) with and into Ghani Chemical Industries Limited (Transferee Company) along with the draft Scheme of Compromises, Arrangement and Reconstruction as placed before the shareholders was also approved.
Approval was also accorded to implement the Scheme and accordingly application/petition will be filed with the Securities and Exchange Commission of Pakistan, Honorable Lahore High Court, Pakistan Stock Exchange Limited and any other competent authority(ies).
Further details of the merger, demerger plan can be viewed here.