Islamabad, Aug 28: In accordance with Sections 279 to 283 and all other applicable provisions of the Companies Act, 2017, the Board of Directors of Reliance Cotton Spinning Mills Limited (PSX: RCML) approved the Scheme of Compromises, Arrangement and Reconstruction for Amalgamation/Merger of Amer Cotton Mills (Pvt.) Limited (ACML) and its members with and into Reliance Cotton Spinning Mills Limited (RCSML) at their meeting on August 28, 2024.
The High Court of Sindh in Karachi has ordered the dissolution of Amer Cotton Mills (Pvt.) Limited without winding up after the merger or amalgamation through the intended Scheme is completed. The registered shareholders of Amer Cotton Mills (Pvt.) Limited will receive shares of Reliance Cotton Spinning Mills Limited.As certified/determined by M/s. Shinewing Hameed Chaudhri & Co, Chartered Accountants, the limited amount is based on the SWAP ratio.
The Scheme is contingent upon receiving all necessary approvals from shareholders, creditors, and regulatory bodies; it also depends on the Honorable High Court of Sindh in Karachi approving the Scheme and ensuring that all corporate, regulatory, and legal requirements are met. The production and retailing of yarn is the RCML’s main business.
