Landmark Spinning Industries Provides Progress Report on Reverse Merger Process

Karachi, Landmark Spinning Industries Limited has released a progress report for the quarter ending June 30, 2023, regarding the ongoing reverse merger process, as mandated by Regulation 5.11.2(b) of the PSX Regulation.

As previously reported, Landmark Spinning Industries Limited is actively engaged in a reverse merger, as defined in Regulations 5.22, with an Operating Unlisted Company, as defined in Regulation 5.1.1(e) (“Operating Company”). The objective of this merger is to establish the company as a merged entity and commence operations.

On May 20, 2022, a joint petition was filed in the High Court of Sindh at Karachi under sections 279 to 283 & 285 of the Companies Act 2017, in conjunction with SRO No 840 (1)/2017 dated 24/8/2017, and other applicable legal provisions. The petition sought the court’s approval of the Scheme of Arrangement. However, during the current quarter, the court has adjourned the proceedings, and new dates for the hearing will be allocated after the vacation period. Hence, the matter is still in progress and awaiting further action by the court.

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