Azgard Nine Clears Over Rs. 713 Million in Dues After Muzaffargarh Assets Sale

Azgard Nine Limited (PSX: ANL) has cleared several dues from the sale of assets related to its Muzaffargarh Unit, including machinery, buildings, and land, under the company’s Creditors’ Scheme of Arrangement. The sale of the building and machinery assets has been fully completed, with total payments of Rs. 713.6 million distributed to creditors through agent banks from the escrow account, including net accrued profit after related expenses. The filing shows that out of the total offered amount of Rs. 1.42 billion for the assets, Rs. 713.6 million has been deposited or paid, while Rs. 706.4 million remains outstanding. The entire offered amounts for machinery (Rs. 474 million) and building (Rs. 200 million) have been received, whereas Rs. 706.4 million remains pending from the land sale. The company said the update was made under Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book as part of its ongoing disclosures related to the Creditors’ Scheme and the asset sale transactions.