2 weeks Ago
Kohinoor Power Company Limited (KOHP) on Monday announced that it is no longer pursuing a merger with Saritow Spinning Mills Limited (SSML), citing economic and operational conditions. The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX). “The Boards of Directors (BoD) of Kohinoor Power Company Limited (KPCL) and Saritow Spinning Mills Limited (SSML) wish to inform stakeholders that, during their respective meetings held on September 30, 2024, they have decided to retract the previously granted approval for the proposed amalgamation of KPCL into SSML,” read the notice.
In October 2018, the KOHP board had given in-principal approval for a merger with and into SMML, another listed company. “This decision follows a thorough review of the current economic conditions and the financial status of SSML, which has ceased production as of February 2024. Given these circumstances, it has been concluded that the anticipated benefits of the merger are no longer achievable,” KOHP said in its notice on Monday.
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