Nishat Chunian’s Board Approves Scheme of Arrangement with NCPL

The Board of Directors of Nishat (Chunian) Limited has approved the Scheme of Arrangement amongst the company and Nishat Chunian Power Limited (NCPL) and their two shareholders. In a notice to the Pakistan Stock Exchange (PSX), Nishat Chunian said that its Board considered and approved the Scheme amongst the company and NCPL and their two shareholders i.e. Shahzad Saleem, and Nishat Mills Limited subject to obtaining all necessary approvals of shareholders, creditors and regulatory approvals, and the sanction of the scheme. Further, it said that the Board of Directors has also adopted and approved the special audited financial statements of the Company for an 8-month period as of 29 February 2024, audited by the external auditor for the purpose of the Scheme.