Nishat Chunian Companies Secure Approval for Major Restructuring Scheme in Lahore

Lahore: A significant restructuring scheme involving Nishat (Chunian) Limited and Nishat Chunian Power Limited has been approved at an extraordinary general meeting held on 17 August 2024.

The resolution, passed during the meeting, supports a comprehensive scheme of arrangement for compromise, arrangement, and reconstruction between the two entities and their members. The scheme was initialed by the chairman for identification and awaits further modifications or conditions that may be imposed by the Honourable Lahore High Court.

According to information available from the Pakistan Stock Exchange (PSX), the meeting, governed by Sections 96 and 131 of the Securities Act, 2015, and Regulation 5.6.1 of the PSX Regulations, drew substantial shareholder participation. A total of 7,652 members representing 240.12 million shares participated through various methods including electronic voting, postal ballots, and in-person attendance.

The results of the polling for this special resolution revealed a strong favor towards the restructuring, with 97.859% of the votes cast supporting the initiative. This accounted for 63.480% of the capital. Conversely, 1.556% voted against, and a minimal 0.584% abstained from voting.

This approval marks a pivotal step in the strategic realignment of the Nishat Chunian entities, setting a course for their future operations and governance. Market participants and TRE Certificate Holders have been informed of the outcomes to ensure transparency and compliance with regulatory standards.

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