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Karachi, Nimir Industrial Chemicals Limited, in alignment with the Securities Act 2015 and guidelines outlined by the Pakistan Stock Exchange Limited, has made a significant announcement. During a convened Board of Directors meeting held on Tuesday, August 29, 2023, pivotal resolutions were passed regarding the company’s restructuring.
The board unanimously resolved to approve the restructuring of Nimir Industrial Chemicals Limited, in conjunction with its subsidiaries. This restructuring plan, enshrined within a scheme of arrangement (“Scheme”), operates within the framework of Sections 279 – 283 of the Companies Act, 2017, and other relevant legal provisions. However, the successful implementation of this strategic restructuring initiative necessitates the acquisition of requisite approvals, consents, and sanctions from competent authorities, regulatory bodies, and the high court, as well as the approval of the company’s members through a special resolution.
The second resolution passed further extends approval to the entire Scheme, encompassing relevant petitions or applications that may be obligatory according to applicable rules and regulations. These applications are intended to be filed before competent entities such as the Competent High Court, the Securities Exchange Commission of Pakistan, Pakistan Stock Exchange Limited, Central Depository Company Limited, and any other applicable regulatory body.
This move showcases Nimir Industrial Chemicals Limited’s commitment to refining its corporate structure in tandem with its strategic vision. The restructuring’s progression will be subject to obtaining the requisite consents and permissions, emphasizing the company’s dedication to transparent and compliant business practices.
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