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Islamabad, In a significant development reported to the Pakistan Stock Exchange (PSE), Chashma Sugar Mills Limited has announced the establishment of a new subsidiary named Premier Grain Ethanol Limited. The decision was made during the Board of Directors meeting on March 15, 2024, underlining the company’s expansion into the ethanol production sector.
Premier Grain Ethanol Limited is set to embark on the manufacturing, production, and sale of various types and grades of ethanol, alongside related products and by-products derived from grains. This move signifies a strategic diversification of Chashma Sugar Mills Limited’s portfolio into the burgeoning ethanol market, reflecting the company’s adaptation to evolving market demands and commitment to sustainable practices.
The initial paid-up capital of Premier Grain Ethanol Limited is slated at Rs. 650.02 million, distributed over 65.002 million ordinary shares valued at Rs. 10 each. A notable 77% of the shareholding, amounting to Rs. 500 million, will be contributed by Chashma Sugar Mills Limited. The remaining stake will be held by the company’s directors and other contributors.
This announcement is in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 (a) of the PSX Regulations, aimed at ensuring transparency and compliance with regulatory requirements. The Board Resolution dated March 15, 2024, and a detailed disclosure form (Annexure — A) have been shared with the PSE for public record, reinforcing the commitment of Chashma Sugar Mills Limited to uphold corporate governance and investor confidence.