All the shareholders of Ghani Chemical Industries Limited (PSX: GCIL) have unanimously decided on the Scheme of Compromise, Arrangement, and Reconstruction for the Demerger/Merger of Ghani Chemical Industries Limited, Ghani ChemWorld Limited, and Ghani Products Private Limited.
As per the resolutions passed in the extraordinary general meeting held on 23 November 2024 and shared with the Pakistan Stock Exchange (PSX), the approval was granted by passing Special Resolutions under the provisions of Sections 279 to 283 of the Companies Act 2017.
The demerger of Ghani Chemical Industries Limited (Transferor Company) on account of the Calcium Carbide Project into Ghani ChemWorld Limited (Transferee Company), along with the draft Scheme for Compromises, Arrangement, and Reconstruction, was approved pending approval by the Lahore High Court or other competent authorities.
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Further, the proposed merger of Ghani Products (Private) Limited (Transferor Company) into Ghani Chemical Industries Limited (Transferee Company) along with the draft Scheme of Compromises, Arrangement, and Reconstruction was also approved subject to necessary court approval.
The company shall now file applications/petitions with the Securities and Exchange Commission of Pakistan, the Honorable Lahore High Court, Pakistan Stock Exchange Limited, and other competent authorities to implement the Scheme.