AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Reliance Cotton Spinning Mills Limited disclosed material information regarding the transfer of company shares. According to information available from the Pakistan Stock Exchange (PSX), the transfer involves several private companies under a Scheme of Arrangement sanctioned by the High Court of Sindh.
The Scheme of Arrangement, detailed in a court order from March 02, 2024, facilitated the transfer of 536,824 shares, constituting 5.21% of Reliance Cotton Spinning Mills Limited’s total shares. Transferee companies include Resource Corporation (Private) Limited, Channel Holdings (Private) Limited, ATMZ Company (Private) Limited, Synergy Holdings (Private) Limited, and STM Corporation (Private) Limited. This transaction was executed in accordance with the requirements of Section 96 of the Securities Act, 2015.
Resource Corporation (Private) Limited notably increased its shareholding by 110,948 shares, raising its total to 1,358,632 shares, or 13.2% of the total issued voting shares. This move followed the Court’s approval and the compliance with necessary regulatory disclosures as per the securities act.
The company has requested the Pakistan Stock Exchange to disseminate this information to its members accordingly.