AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Anemone Holdings Limited, a wholly owned subsidiary of Packages Limited, has undergone significant financial strain resulting in a mandatory restructuring process. During the first half of 2023, the subsidiary recorded a pre-tax loss of ZAR 38 million. The situation was exacerbated by a national policy capping outflow of remittances, preventing the remittance of investment proceeds.
According to information available from the Pakistan Stock Exchange (PSX), the restructuring assessment, conducted by a legally appointed Business Rescue Practitioner (BRP), concluded that Anemone Holdings could not meet its liabilities. This prompted the BRP to call for a creditors’ meeting to decide on the company’s future, either through liquidation or sale as a going concern.
The creditors have opted to sell the company to a third party to cover part of the outstanding debts, pending regulatory approvals. This decision is expected to lead to an additional loss of PKR 1,202 million for the half-year ended June 30, 2023. Despite these losses, the consolidated earnings of Packages Limited are projected to improve as the loss-making subsidiary is offloaded.