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Karachi, Nadeem Textile Mills Limited (NTML) has received an Independent Statutory Auditor’s Certificate verifying the paid-up share capital subsequent to the merger of Nadeem Power Generation (Private) Limited (NPGPL) with and into NTML. The certification, issued at Karachi, attests to the accuracy and correctness of the management’s working reflecting the impact of the merger on NTML.
The certification exercise focused on verifying the working prepared by the management, which demonstrates the consequential increase in NTML’s paid-up capital resulting from the incorporation of the merger’s effect. The audit also aimed to ascertain the accuracy of the reduction in capital, as well as the net change in the number of shares of the company.
With this independent verification, NTML and its stakeholders can have confidence in the financial implications of the merger. The management’s responsibility to ensure the accuracy of the working and reflect the changes in the paid-up capital has been fulfilled, with the auditors providing their expertise to validate the figures.
The merger between NPGPL and NTML marks a significant milestone for both companies, bringing together their expertise in the textile and power generation industries. By combining their resources, NTML aims to enhance operational efficiencies and capitalize on synergies, creating a stronger and more diversified entity in the market.
The Independent Statutory Auditor’s Certificate serves as a testament to the commitment of NTML’s management to transparency and accountability. It provides reassurance to shareholders and other stakeholders that the merger process has been meticulously executed, with due diligence given to the financial aspects.