The Board of Directors of Gatron (Industries) Limited (PSX: GATI) has approved the cancellation of a 2.98 percent shareholding, equivalent to 3,240,774 shares, currently held by Gani & Tayub (Private) Limited (G&T), as part of a proposed scheme of arrangement, GATI informed the main bourse today.
According to a stock filing made on Monday, the company will instead issue new shares directly to the individual shareholders of G&T. This move follows an earlier board approval granted on February 10, 2025, regarding the broader scheme involving Nova Frontiers Limited and G&T.
The company emphasized that the proposed restructuring will not affect its existing business operations or asset base.
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Needs further explanation on the relationship between GATI and G&T and whether the shareholders of GATI will benefit from the decision.